The Goldman Sachs Group Downgrades Incyte (NASDAQ:INCY) to Neutral

Incyte (NASDAQ:INCY) was downgraded by equities research analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, Briefing.com reports. They currently have a $65.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $98.00. The Goldman Sachs Group’s price objective would indicate a potential upside of 18.81% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Truist Financial reissued a “buy” rating and set a $91.00 target price on shares of Incyte in a research report on Thursday, September 21st. JMP Securities restated a “market outperform” rating and set a $93.00 price objective on shares of Incyte in a research report on Wednesday, August 2nd. Stifel Nicolaus raised their target price on Incyte from $73.00 to $76.00 and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Oppenheimer reiterated an “outperform” rating and set a $92.00 price target on shares of Incyte in a research note on Wednesday, August 2nd. Finally, BMO Capital Markets reduced their price objective on shares of Incyte from $70.00 to $68.00 and set a “market perform” rating for the company in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $79.94.

Incyte Price Performance

Shares of Incyte stock opened at $54.71 on Tuesday. The firm has a fifty day moving average price of $56.74 and a two-hundred day moving average price of $61.08. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $86.29. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.91 and a quick ratio of 3.86. The company has a market cap of $12.26 billion, a PE ratio of 28.95, a price-to-earnings-growth ratio of 0.97 and a beta of 0.72.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in INCY. Treasurer of the State of North Carolina raised its stake in shares of Incyte by 6.2% in the first quarter. Treasurer of the State of North Carolina now owns 86,912 shares of the biopharmaceutical company’s stock worth $6,281,000 after acquiring an additional 5,050 shares during the last quarter. Asahi Life Asset Management CO. LTD. lifted its holdings in Incyte by 19.7% during the 2nd quarter. Asahi Life Asset Management CO. LTD. now owns 4,560 shares of the biopharmaceutical company’s stock worth $284,000 after buying an additional 750 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Incyte by 5.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 103,187 shares of the biopharmaceutical company’s stock valued at $7,457,000 after buying an additional 5,622 shares during the period. Cypress Capital Group bought a new stake in shares of Incyte during the second quarter worth $203,000. Finally, Metis Global Partners LLC lifted its stake in shares of Incyte by 39.6% during the first quarter. Metis Global Partners LLC now owns 6,839 shares of the biopharmaceutical company’s stock valued at $494,000 after acquiring an additional 1,941 shares during the period. Institutional investors and hedge funds own 92.61% 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, Europe, Japan, and internationally. The company offers JAKAFI (ruxolitinib), for the treatment of adults with intermediate or high-risk myelofibrosis; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab), for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.