Incyte (NASDAQ:INCY) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Incyte to “Hold” from “Buy,” aligning with the broader analyst consensus of “Hold” and an average price target of $117.74.
• Analyst views remain mixed: eight analysts rate the stock a Buy, while 14 recommend Hold; price targets range from $110 at JPMorgan to $150 at Guggenheim.
• Incyte reported a strong quarter, with EPS of $3.09 beating estimates of $2.15 and revenue of $1.67 billion surpassing the $1.50 billion consensus, while revenue grew 37.7% year over year.

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

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. raised their target price on Incyte from $105.00 to $110.00 and gave the company a "neutral" rating in a research report on Thursday, July 23rd. Guggenheim lifted their price target on Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday. Weiss Ratings upgraded shares of Incyte from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday. Stifel Nicolaus set a $145.00 price target on Incyte in a report on Tuesday. Finally, Oppenheimer reaffirmed a "market perform" rating and set a $120.00 target price on shares of Incyte in a research note on Tuesday. Eight research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $117.74.

Incyte Price Performance

NASDAQ:INCY opened at $119.52 on Friday. The company has a 50 day moving average price of $109.54 and a 200-day moving average price of $102.24. Incyte has a 1-year low of $73.81 and a 1-year high of $132.60. The firm has a market cap of $24.23 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 1.60 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm's revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the business earned $1.57 earnings per share. On average, sell-side analysts anticipate that Incyte will post 6.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incyte

Several institutional investors have recently added to or reduced their stakes in INCY. Insight Wealth Strategies LLC acquired a new position in shares of Incyte in the 2nd quarter valued at $7,076,000. Tema ETFs LLC grew its holdings in shares of Incyte by 5.7% during the second quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company's stock worth $307,000 after purchasing an additional 145 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in shares of Incyte by 15.8% during the second quarter. Handelsbanken Fonder AB now owns 56,300 shares of the biopharmaceutical company's stock worth $6,382,000 after purchasing an additional 7,700 shares during the last quarter. Arista Wealth Management LLC increased its position in shares of Incyte by 17.7% during the second quarter. Arista Wealth Management LLC now owns 17,726 shares of the biopharmaceutical company's stock worth $2,009,000 after purchasing an additional 2,672 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its position in shares of Incyte by 3.9% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 38,575 shares of the biopharmaceutical company's stock worth $4,373,000 after purchasing an additional 1,437 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company's research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company's flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.

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