Incyte (NASDAQ:INCY) Receives “Neutral” Rating from UBS Group

Incyte (NASDAQ:INCY)‘s stock had its “neutral” rating restated by equities research analysts at UBS Group in a note issued to investors on Tuesday,Benzinga reports. They currently have a $61.00 price objective on the biopharmaceutical company’s stock. UBS Group’s price target would indicate a potential downside of 9.63% from the company’s current price.

Several other analysts also recently issued reports on INCY. Stifel Nicolaus raised their price objective on shares of Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research note on Monday, February 10th. William Blair downgraded Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 18th. JPMorgan Chase & Co. lowered their price target on Incyte from $70.00 to $68.00 and set a “neutral” rating for the company in a research report on Monday, April 21st. Truist Financial upped their target price on Incyte from $72.00 to $73.00 and gave the stock a “hold” rating in a research note on Tuesday, May 27th. Finally, Guggenheim lowered Incyte from a “buy” rating to a “neutral” rating and set a $92.00 target price on the stock. in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $72.53.

Incyte Price Performance

Shares of NASDAQ:INCY traded up $2.19 during mid-day trading on Tuesday, reaching $67.50. The stock had a trading volume of 3,630,862 shares, compared to its average volume of 1,895,459. The company has a market cap of $13.07 billion, a P/E ratio of 250.01, a price-to-earnings-growth ratio of 0.41 and a beta of 0.68. Incyte has a 1 year low of $53.56 and a 1 year high of $83.95. The business’s 50 day moving average price is $60.88 and its 200 day moving average price is $67.28. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.15. Incyte had a return on equity of 0.05% and a net margin of 0.77%. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $996.17 million. During the same period in the previous year, the firm posted $0.64 earnings per share. The firm’s revenue for the quarter was up 19.5% on a year-over-year basis. Research analysts expect that Incyte will post 4.86 EPS for the current fiscal year.

Insider Activity

In other news, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the sale, the executive vice president now directly owns 33,567 shares in the company, valued at approximately $2,272,150.23. This trade represents a 37.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors have recently made changes to their positions in INCY. Quintet Private Bank Europe S.A. purchased a new position in shares of Incyte during the 4th quarter worth $26,000. Banque Transatlantique SA acquired a new position in shares of Incyte during the 1st quarter valued at $26,000. Global X Japan Co. Ltd. grew its stake in shares of Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 230 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Incyte during the fourth quarter valued at approximately $30,000. Finally, Raiffeisen Bank International AG purchased a new stake in Incyte during the 4th quarter worth $34,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Company Profile

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.