Incyte (NASDAQ:INCY) Receives “Outperform” Rating from William Blair

William Blair reiterated their outperform rating on shares of Incyte (NASDAQ:INCY) in a report issued on Friday morning,RTT News reports.

INCY has been the topic of several other research reports. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and lifted their target price for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. JMP Securities restated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Wolfe Research started coverage on Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target on the stock. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Tuesday, November 19th. Finally, Truist Financial reissued a “hold” rating and issued a $74.00 price target (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $76.18.

Incyte Trading Down 3.2 %

INCY opened at $68.55 on Friday. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The stock’s fifty day moving average is $72.14 and its two-hundred day moving average is $66.18. The company has a market capitalization of $13.21 billion, a P/E ratio of 489.64, a PEG ratio of 8.36 and a beta of 0.69. Incyte has a 52 week low of $50.35 and a 52 week high of $83.95.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business’s revenue was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 earnings per share. Analysts forecast that Incyte will post 0.4 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the transaction, the executive vice president now owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This represents a 5.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the transaction, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. This trade represents a 16.47 % decrease in their position. The disclosure for this sale can be found here. 17.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Greenwood Capital Associates LLC acquired a new stake in shares of Incyte in the third quarter valued at about $433,000. Andra AP fonden raised its holdings in Incyte by 35.2% in the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after acquiring an additional 64,500 shares during the last quarter. Cypress Capital Group purchased a new position in Incyte in the 3rd quarter worth approximately $971,000. Commerce Bank acquired a new position in shares of Incyte during the 3rd quarter worth approximately $610,000. Finally, Bridgewater Associates LP grew its position in shares of Incyte by 142.8% in the third quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock valued at $20,401,000 after purchasing an additional 181,504 shares in the last quarter. Hedge funds and other institutional investors 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.