Incyte (NASDAQ:INCY) Now Covered by UBS Group

UBS Group started coverage on shares of Incyte (NASDAQ:INCY) in a report released on Tuesday morning, MarketBeat.com reports. The brokerage issued a neutral rating and a $77.00 price target on the biopharmaceutical company’s stock.

A number of other equities analysts also recently weighed in on INCY. BMO Capital Markets reaffirmed an “underperform” rating and issued a $52.00 target price (up from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. Wells Fargo & Company increased their price objective on Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Morgan Stanley boosted their target price on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Finally, Oppenheimer raised their price target on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $76.29.

Incyte Stock Down 0.7 %

NASDAQ INCY opened at $67.06 on Tuesday. The stock’s 50 day simple moving average is $72.36 and its 200 day simple moving average is $66.49. Incyte has a one year low of $50.35 and a one year high of $83.95. The firm has a market cap of $12.92 billion, a PE ratio of 479.03, a price-to-earnings-growth ratio of 8.36 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the previous year, the company posted $0.91 EPS. Incyte’s revenue for the quarter was up 23.8% on a year-over-year basis. As a group, sell-side analysts forecast that Incyte will post 0.4 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Barry P. Flannelly sold 3,680 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $4,624,786.56. The trade was a 5.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $70.64, for a total transaction of $45,916.00. Following the sale, the insider now owns 23,962 shares in the company, valued at $1,692,675.68. This trade represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,023 shares of company stock valued at $839,711 in the last quarter. Company insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Orion Portfolio Solutions LLC bought a new stake in shares of Incyte in the third quarter valued at about $770,000. Greenwood Capital Associates LLC bought a new stake in Incyte in the 3rd quarter valued at approximately $433,000. Tri Ri Asset Management Corp acquired a new position in Incyte during the 3rd quarter worth approximately $3,292,000. Andra AP fonden grew its stake in shares of Incyte by 35.2% during the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock worth $15,022,000 after acquiring an additional 64,500 shares in the last quarter. Finally, Cypress Capital Group acquired a new stake in shares of Incyte in the third quarter valued at approximately $971,000. 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.