BMO Capital Markets Reiterates Underperform Rating for Incyte (NASDAQ:INCY)

BMO Capital Markets reissued their underperform rating on shares of Incyte (NASDAQ:INCY) in a research report released on Wednesday, Benzinga reports. BMO Capital Markets currently has a $52.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $48.00.

Several other analysts have also recently commented on the company. Deutsche Bank Aktiengesellschaft raised their price target on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Oppenheimer reduced their target price on Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $67.00 price target on shares of Incyte in a research note on Tuesday, September 3rd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $61.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $76.74.

Incyte Stock Up 0.4 %

Shares of Incyte stock opened at $73.93 on Wednesday. The company has a market cap of $14.24 billion, a P/E ratio of 22.40, a PEG ratio of 5.31 and a beta of 0.73. The firm has a fifty day moving average of $65.58 and a two-hundred day moving average of $61.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. Incyte has a one year low of $50.27 and a one year high of $74.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the prior year, the company earned $0.77 earnings per share. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, analysts forecast that Incyte will post 0.66 earnings per share for the current year.

Insider Activity at Incyte

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INCY. Wealth Enhancement Advisory Services LLC grew its holdings in Incyte by 13.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,944 shares of the biopharmaceutical company’s stock valued at $566,000 after purchasing an additional 1,146 shares during the period. First Trust Direct Indexing L.P. grew its stake in shares of Incyte by 10.3% during the 1st quarter. First Trust Direct Indexing L.P. now owns 30,271 shares of the biopharmaceutical company’s stock valued at $1,725,000 after buying an additional 2,817 shares during the period. FORVIS Wealth Advisors LLC acquired a new stake in shares of Incyte during the 1st quarter worth $1,495,000. Van ECK Associates Corp raised its position in shares of Incyte by 0.3% in the 1st quarter. Van ECK Associates Corp now owns 156,972 shares of the biopharmaceutical company’s stock worth $8,942,000 after buying an additional 432 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new position in Incyte in the first quarter valued at $236,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.