Incyte (INCY) Downgraded by BidaskClub

Incyte (NASDAQ:INCY) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Tuesday.

A number of other equities research analysts have also recently issued reports on the company. BMO Capital Markets restated a “buy” rating and issued a $172.00 price objective on shares of Incyte in a research note on Wednesday, January 3rd. Zacks Investment Research cut Incyte from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Citigroup restated a “market perform” rating and issued a $120.00 price objective (down from $135.00) on shares of Incyte in a research note on Tuesday, January 2nd. Royal Bank of Canada upgraded Incyte from a “sector perform” rating to an “outperform” rating and set a $136.00 price objective on the stock in a research note on Tuesday, January 2nd. Finally, Oppenheimer set a $120.00 price objective on Incyte and gave the company a “hold” rating in a research note on Tuesday, January 2nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Incyte currently has a consensus rating of “Buy” and a consensus price target of $143.11.

Shares of Incyte (NASDAQ:INCY) opened at $91.65 on Tuesday. Incyte has a 52 week low of $91.23 and a 52 week high of $153.15. The stock has a market capitalization of $19,340.00, a PE ratio of -114.56 and a beta of 0.74. The company has a quick ratio of 4.81, a current ratio of 4.82 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, October 31st. The biopharmaceutical company reported $0.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.11. Incyte had a negative return on equity of 12.91% and a negative net margin of 10.90%. The business had revenue of $381.50 million for the quarter, compared to analysts’ expectations of $360.34 million. During the same period in the previous year, the business posted $0.19 EPS. The firm’s quarterly revenue was up 41.6% compared to the same quarter last year. equities analysts anticipate that Incyte will post -1.35 earnings per share for the current fiscal year.

In related news, insider David W. Gryska sold 3,915 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $105.63, for a total value of $413,541.45. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Reid M. Huber sold 696 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $98.01, for a total transaction of $68,214.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,878 shares of company stock worth $4,636,494. Company insiders own 17.70% of the company’s stock.

Several hedge funds have recently bought and sold shares of INCY. Vanguard Group Inc. increased its position in shares of Incyte by 11.1% in the second quarter. Vanguard Group Inc. now owns 17,125,542 shares of the biopharmaceutical company’s stock worth $2,156,276,000 after purchasing an additional 1,709,685 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Incyte in the third quarter worth approximately $125,065,000. Janus Henderson Group PLC increased its position in shares of Incyte by 4,570.1% in the second quarter. Janus Henderson Group PLC now owns 1,045,363 shares of the biopharmaceutical company’s stock worth $131,622,000 after purchasing an additional 1,022,979 shares during the last quarter. Old Mutual Global Investors UK Ltd. increased its position in shares of Incyte by 374.4% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 930,319 shares of the biopharmaceutical company’s stock worth $108,605,000 after purchasing an additional 734,235 shares during the last quarter. Finally, Matrix Capital Management Company LP increased its position in shares of Incyte by 28.3% in the second quarter. Matrix Capital Management Company LP now owns 1,796,716 shares of the biopharmaceutical company’s stock worth $226,225,000 after purchasing an additional 396,716 shares during the last quarter. Institutional investors own 90.76% of the company’s stock.

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About Incyte

Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).

Analyst Recommendations for Incyte (NASDAQ:INCY)

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