Incyte (NASDAQ:INCY) Stock Bumped Down to Hold by Wall Street Zen

Key Points

• Wall Street Zen downgraded Incyte from “buy” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $127.70.
• Incyte reported stronger-than-expected quarterly results, earning $3.09 per share versus estimates of $2.15 and generating $1.67 billion in revenue, up 37.7% year over year.
• Shares opened at $112.79, below the 50-day moving average of $122.76 but above the 200-day average of $110.05; institutional investors own nearly 97% of the company, while two executives recently sold shares under pre-arranged trading plans.

Incyte (NASDAQ:INCY - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus boosted their price target on Incyte from $145.00 to $157.00 and gave the stock a "buy" rating in a research report on Monday, October 5th. Piper Sandler raised their price objective on Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a research report on Monday, August 17th. Truist Financial lifted their target price on Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a research note on Monday, June 22nd. UBS Group reissued a "neutral" rating and set a $127.00 target price on shares of Incyte in a report on Monday. Finally, Wells Fargo & Company increased their price target on Incyte from $116.00 to $128.00 and gave the company an "equal weight" rating in a research note on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $127.70.

Incyte Price Performance

Shares of INCY opened at $112.79 on Friday. The firm has a 50-day moving average of $122.76 and a 200-day moving average of $110.05. Incyte has a one year low of $82.82 and a one year high of $132.60. The company has a market cap of $22.86 billion, a PE ratio of 14.37, a price-to-earnings-growth ratio of 3.59 and a beta of 0.74.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the prior year, the firm earned $1.57 EPS. Incyte's quarterly revenue was up 37.7% compared to the same quarter last year. Analysts expect that Incyte will post 2.40 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Patrick A. Mayes sold 41,899 shares of the business's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares of the company's stock, valued at $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company's stock.

Institutional Investors Weigh In On Incyte

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Incyte in the 2nd quarter worth about $2,044,189,000. Wellington Management Group LLP grew its position in shares of Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company's stock worth $405,321,000 after purchasing an additional 309,385 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Incyte by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company's stock worth $185,873,000 after purchasing an additional 187,354 shares during the period. Legal & General Group Plc bought a new position in shares of Incyte during the second quarter worth approximately $182,054,000. Finally, Pacer Advisors Inc. raised its position in shares of Incyte by 36.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,703,271 shares of the biopharmaceutical company's stock valued at $168,232,000 after buying an additional 454,629 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte's marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.

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