Incyte (NASDAQ:INCY) Given Underperform Rating at BMO Capital Markets

Key Points

• BMO Capital Markets has raised its price target for Incyte (NASDAQ:INCY) from $52.00 to $60.00, maintaining an "underperform" rating, which indicates a potential downside of 23% from its previous close.
• In the last quarter, Incyte reported $1.16 EPS, surpassing analysts' expectations of $1.01, along with a 19.5% revenue increase year-over-year, totaling $1.05 billion.
• Currently, 96.97% of Incyte's stock is owned by institutional investors, reflecting strong investment interest, while the stock has an average rating of "Hold" with a price target of approximately $77.73.

BMO Capital Markets restated their underperform rating on shares of Incyte (NASDAQ:INCY - Free Report) in a report released on Wednesday, MarketBeat reports. The firm currently has a $60.00 price objective on the biopharmaceutical company's stock, up from their previous price objective of $52.00.

Several other brokerages also recently weighed in on INCY. JPMorgan Chase & Co. reduced their price target on Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a report on Monday, July 14th. Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and raised their price target for the company from $75.00 to $107.00 in a report on Monday, June 16th. Truist Financial raised their price target on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a report on Wednesday. Finally, Citigroup restated a "buy" rating on shares of Incyte in a report on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Incyte has an average rating of "Hold" and a consensus target price of $78.50.

Incyte Stock Down 0.7%

INCY traded down $0.53 during trading on Wednesday, reaching $74.36. The stock had a trading volume of 346,563 shares, compared to its average volume of 1,876,875. The stock's 50 day moving average is $68.72 and its two-hundred day moving average is $66.68. The company has a current ratio of 2.85, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $14.39 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 0.65 and a beta of 0.68. Incyte has a one year low of $53.56 and a one year high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $996.17 million. Incyte had a return on equity of 21.99% and a net margin of 18.99%. The firm's quarterly revenue was up 19.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 earnings per share. As a group, analysts expect that Incyte will post 4.86 earnings per share for the current year.

Insider Transactions at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 8,617 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $587,248.55. Following the transaction, the executive vice president directly owned 37,701 shares of the company's stock, valued at approximately $2,569,323.15. This trade represents a 18.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 10,903 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $743,039.45. Following the completion of the transaction, the executive vice president directly owned 39,744 shares in the company, valued at $2,708,553.60. The trade was a 21.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,098 shares of company stock valued at $3,836,196. Company insiders own 17.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position in Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after purchasing an additional 1,419 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Incyte by 61.3% during the 4th quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock valued at $12,031,000 after buying an additional 66,220 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Incyte by 13.5% during the 4th quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock valued at $22,354,000 after buying an additional 38,550 shares in the last quarter. Amalgamated Bank lifted its position in shares of Incyte by 1.9% during the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock valued at $1,910,000 after buying an additional 591 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in shares of Incyte by 0.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock valued at $5,451,000 after buying an additional 747 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

About Incyte

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.