Incyte (NASDAQ:INCY) Rating Lowered to "Buy" at Wall Street Zen

Key Points

• Incyte Corporation has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, indicating a shift in analyst sentiment.
• Various other analysts have changed their ratings on Incyte recently, with upgrades from Wells Fargo and Zacks Research while some others have maintained or lowered their ratings.
• The company currently holds a consensus rating of "Hold" with a target price of $84.79, while institutional investors own nearly 97% of its stock.

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

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company raised shares of Incyte from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $67.00 to $89.00 in a research report on Wednesday, August 6th. Royal Bank Of Canada boosted their price target on shares of Incyte from $72.00 to $81.00 and gave the company a "sector perform" rating in a report on Wednesday, September 24th. Zacks Research upgraded shares of Incyte from a "hold" rating to a "strong-buy" rating in a report on Friday, October 10th. UBS Group restated a "neutral" rating and issued a $68.00 price target (up previously from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Oppenheimer lowered shares of Incyte from an "outperform" rating to a "market perform" rating in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $84.79.

Incyte Price Performance

Incyte stock opened at $87.57 on Friday. The stock has a market cap of $17.10 billion, a price-to-earnings ratio of 19.90, a price-to-earnings-growth ratio of 0.68 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. Incyte has a 1 year low of $53.56 and a 1 year high of $92.86. The firm has a 50-day moving average of $85.20 and a two-hundred day moving average of $72.47.

Insider Activity at Incyte

In related news, EVP Steven H. Stein sold 3,706 shares of the business's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the transaction, the executive vice president owned 102,886 shares in the company, valued at $6,990,074.84. The trade was a 3.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders have sold 4,261 shares of company stock worth $298,482. Insiders own 17.80% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Incyte by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company's stock worth $1,371,220,000 after acquiring an additional 137,570 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Incyte by 21.8% during the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company's stock worth $558,519,000 after acquiring an additional 1,465,286 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Incyte by 3.3% during the 2nd quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company's stock worth $294,899,000 after acquiring an additional 139,740 shares in the last quarter. LSV Asset Management raised its stake in shares of Incyte by 6.2% during the 2nd quarter. LSV Asset Management now owns 3,861,831 shares of the biopharmaceutical company's stock worth $262,991,000 after acquiring an additional 223,857 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Incyte by 7.3% during the 2nd quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company's stock valued at $231,609,000 after purchasing an additional 232,268 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

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.

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