Incyte (NASDAQ:INCY) Earns "Neutral" Rating from UBS Group

Key Points

• UBS Group raised Incyte's price target from $62.00 to $68.00, while maintaining a "neutral" rating, suggesting a potential downside of 12.35% from the current price.
• Analysts have mixed ratings on Incyte, with one sell, twelve holds, five buys, and one strong buy, resulting in a consensus rating of "Hold" with an average target price of $75.80.
• Incyte reported a revenue increase of 19.5% year-over-year, achieving $1.05 billion for the quarter and an EPS of $1.16, beating expectations.

Incyte (NASDAQ:INCY - Get Free Report)'s stock had its "neutral" rating reaffirmed by analysts at UBS Group in a research report issued on Wednesday, MarketBeat.com reports. They presently have a $68.00 price target on the biopharmaceutical company's stock, up from their previous price target of $62.00. UBS Group's price target suggests a potential downside of 10.04% from the company's previous close.

Several other analysts have also recently weighed in on INCY. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and lifted their price objective for the company from $75.00 to $107.00 in a research report on Monday, June 16th. Wells Fargo & Company lifted their price objective on Incyte from $59.00 to $67.00 and gave the company an "equal weight" rating in a research report on Wednesday. Citigroup reiterated a "buy" rating on shares of Incyte in a report on Tuesday, June 3rd. Truist Financial lifted their target price on shares of Incyte from $72.00 to $73.00 and gave the company a "hold" rating in a report on Tuesday, May 27th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $78.50.

Incyte Stock Up 0.9%

Incyte stock traded up $0.70 during trading hours on Wednesday, hitting $75.59. 1,583,946 shares of the stock traded hands, compared to its average volume of 1,885,674. The firm's 50-day moving average price is $68.72 and its two-hundred day moving average price 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 cap of $14.63 billion, a PE ratio of 17.18, a PEG 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 for the quarter, beating the consensus estimate of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. Incyte had a return on equity of 21.99% and a net margin of 18.99%. The business's revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 EPS. On average, research analysts forecast that Incyte will post 4.86 EPS for the current year.

Insider Activity

In related news, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the transaction, the executive vice president directly owned 26,504 shares in the company, valued at $1,818,439.44. The trade was a 2.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven H. Stein sold 14,952 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the completion of the transaction, the executive vice president owned 97,466 shares of the company's stock, valued at approximately $6,673,497.02. The trade was a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock valued at $3,836,196 in the last quarter. Insiders own 17.80% of the company's stock.

Institutional Investors Weigh In On Incyte

A number of large investors have recently added to or reduced their stakes in the stock. New York Life Investment Management LLC grew its position in Incyte by 1.5% in the 2nd quarter. New York Life Investment Management LLC now owns 22,700 shares of the biopharmaceutical company's stock worth $1,546,000 after purchasing an additional 346 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Incyte by 27.0% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 121,364 shares of the biopharmaceutical company's stock worth $8,265,000 after purchasing an additional 25,800 shares during the period. Teacher Retirement System of Texas grew its position in Incyte by 2.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 46,048 shares of the biopharmaceutical company's stock worth $3,136,000 after purchasing an additional 1,243 shares during the period. Transcend Capital Advisors LLC bought a new stake in Incyte in the 2nd quarter worth approximately $437,000. Finally, Convergence Investment Partners LLC bought a new stake in Incyte in the 2nd quarter worth approximately $284,000. 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.