Incyte’s (INCY) Underperform Rating Reiterated at BMO Capital Markets

by · The Cerbat Gem

BMO Capital Markets reiterated their underperform rating on shares of Incyte (NASDAQ:INCY – Free Report) in a report published on Wednesday, Benzinga reports. BMO Capital Markets currently has a $52.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $48.00.

Other equities analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft lifted their price target on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. William Blair reiterated an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Truist Financial restated a “hold” rating and set a $74.00 target price (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Oppenheimer dropped their price target on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Finally, JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Incyte has a consensus rating of “Hold” and an average target price of $76.74.

Check Out Our Latest Research Report on INCY

Incyte Stock Performance

Shares of INCY stock opened at $76.13 on Wednesday. The business has a 50 day simple moving average of $66.04 and a 200 day simple moving average of $61.84. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.84. The firm has a market capitalization of $14.67 billion, a price-to-earnings ratio of 543.79, a price-to-earnings-growth ratio of 6.57 and a beta of 0.73. Incyte has a 12-month low of $50.35 and a 12-month high of $76.33.

Incyte (NASDAQ:INCY – Get Free Report) last announced its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business’s quarterly revenue was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. On average, equities research analysts anticipate that Incyte will post 0.51 EPS for the current year.

Insiders Place Their Bets

In related news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Incyte news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares in the company, valued at approximately $2,269,280.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently made changes to their positions in INCY. MFA Wealth Advisors LLC acquired a new position in shares of Incyte in the 2nd quarter valued at approximately $26,000. Fidelis Capital Partners LLC acquired a new position in Incyte during the first quarter valued at approximately $32,000. Innealta Capital LLC acquired a new stake in shares of Incyte in the 2nd quarter valued at approximately $32,000. Itau Unibanco Holding S.A. bought a new position in shares of Incyte in the second quarter valued at $36,000. Finally, Deseret Mutual Benefit Administrators increased its stake in shares of Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 164 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

About Incyte

(Get Free Report)

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.

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