Incyte (NASDAQ:INCY) Earns "Neutral" Rating from Guggenheim

Key Points

• Guggenheim has restated its "neutral" rating on Incyte (NASDAQ:INCY), amidst mixed reviews from other analysts, with seven favoring a "buy" rating and ten suggesting a "hold."
• Incyte's stock is currently trading at $86.00, with a 12-month range between $53.56 and $87.99, and has an average target price of $82.53 according to MarketBeat data.
• Recent insider transactions include EVP Barry P. Flannelly selling over 10,000 shares, representing a 21.53% decrease in their ownership, signaling potential caution among executives regarding the stock's future performance.

Incyte (NASDAQ:INCY - Get Free Report)'s stock had its "neutral" rating reissued by stock analysts at Guggenheim in a research note issued on Friday,Benzinga reports.

Several other analysts have also issued reports on the company. Royal Bank Of Canada upped their target price on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. BMO Capital Markets reiterated an "underperform" rating and set a $60.00 target price (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Citigroup lifted their target price on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Bank of America increased their target price on shares of Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Finally, UBS Group reissued a "neutral" rating and issued a $68.00 price target (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $82.53.

Incyte Trading Up 0.6%

Shares of NASDAQ INCY traded up $0.53 during midday trading on Friday, hitting $86.53. The stock had a trading volume of 5,483,759 shares, compared to its average volume of 1,794,274. Incyte has a 1-year low of $53.56 and a 1-year high of $87.99. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $16.90 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 0.68 and a beta of 0.75. The company has a fifty day moving average price of $80.18 and a 200 day moving average price of $69.55.

Insider Transactions at Incyte

In related news, EVP Vijay K. Iyengar sold 8,617 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $587,248.55. Following the completion of the transaction, the executive vice president directly owned 37,701 shares in the company, valued at $2,569,323.15. The trade was a 18.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares in the company, valued at $1,818,439.44. The trade was a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,376 shares of company stock worth $3,859,312 in the last three months. Insiders own 17.80% of the company's stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors have recently modified their holdings of INCY. FNY Investment Advisers LLC bought a new position in Incyte during the 2nd quarter worth $27,000. Banque Transatlantique SA bought a new position in shares of Incyte during the 1st quarter valued at about $26,000. MUFG Securities EMEA plc purchased a new stake in Incyte in the 2nd quarter worth approximately $32,000. CYBER HORNET ETFs LLC purchased a new position in Incyte during the second quarter valued at $33,000. Finally, Hilltop National Bank bought a new stake in shares of Incyte in the 2nd quarter worth $37,000. 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.