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

Key Points

• Incyte has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, signaling a shift in analyst sentiment.
• Multiple analysts have made recent adjustments to their ratings and price targets, with a consensus rating of "Hold" and a target price of $82.53.
• Insider trading activity indicates executives have sold shares recently, decreasing their ownership in Incyte, with over 17% of the stock held by insiders.

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

A number of other research firms also recently commented on INCY. BMO Capital Markets reiterated an "underperform" rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Barclays initiated coverage on Incyte in a research note on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective for the company. UBS Group reaffirmed a "neutral" rating and set a $68.00 target price (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. JPMorgan Chase & Co. upped their target price on Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Finally, Bank of America lifted their price target on Incyte from $90.00 to $104.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $82.53.

Incyte Price Performance

NASDAQ:INCY traded up $1.38 during mid-day trading on Friday, reaching $85.28. 672,352 shares of the stock were exchanged, compared to its average volume of 1,852,928. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average price of $79.19 and a 200 day moving average price of $69.23. Incyte has a 1-year low of $53.56 and a 1-year high of $87.99. The firm has a market capitalization of $16.65 billion, a PE ratio of 19.40, a PEG ratio of 0.65 and a beta of 0.75.

Insiders Place Their Bets

In related news, EVP Barry P. Flannelly sold 1,192 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the sale, the executive vice president directly owned 37,630 shares in the company, valued at approximately $2,628,831.80. This trade represents a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Vijay K. Iyengar sold 1,177 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the sale, the executive vice president owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. The trade was a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock valued at $3,836,196 in the last 90 days. Insiders own 17.80% of the company's stock.

Hedge Funds Weigh In On Incyte

Hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. grew its stake in Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock valued at $12,954,000 after purchasing an additional 1,419 shares in the last quarter. Amalgamated Bank lifted its holdings 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 during the last quarter. Asset Management One Co. Ltd. grew its stake in shares of Incyte by 0.8% in 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. Farther Finance Advisors LLC increased its holdings in Incyte by 474.1% in the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after buying an additional 1,280 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Incyte by 10.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company's stock valued at $1,577,000 after acquiring an additional 2,559 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

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.