Incyte (NASDAQ:INCY) Rating Increased to Hold at Sanford C. Bernstein

Incyte (NASDAQ:INCY) was upgraded by equities researchers at Sanford C. Bernstein to a “hold” rating in a report released on Thursday,Zacks.com reports.

Several other brokerages have also recently issued reports on INCY. Piper Sandler upped their target price on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 6th. HC Wainwright restated a “buy” rating and issued a $135.00 target price on shares of Incyte in a report on Thursday. Citigroup restated a “buy” rating on shares of Incyte in a report on Thursday. Wells Fargo & Company dropped their target price on Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a report on Wednesday, February 11th. Finally, Barclays restated an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Ten equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus price target of $104.00.

Incyte Stock Down 0.3%

NASDAQ INCY opened at $97.16 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The business has a fifty day moving average price of $95.41 and a 200 day moving average price of $99.64. The company has a market cap of $19.41 billion, a P/E ratio of 13.72, a P/E/G ratio of 0.93 and a beta of 0.79. Incyte has a one year low of $63.51 and a one year high of $112.29.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm’s quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.16 EPS. Research analysts anticipate that Incyte will post 6.74 EPS for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider owned 262,692 shares of the company’s stock, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Incyte

Hedge funds have recently bought and sold shares of the stock. Elyxium Wealth LLC acquired a new stake in Incyte in the 4th quarter valued at about $28,000. Smithfield Trust Co raised its position in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. Root Financial Partners LLC purchased a new position in shares of Incyte in the 3rd quarter valued at about $28,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Incyte in the 4th quarter valued at about $35,000. Finally, Atlas Capital Advisors Inc. purchased a new position in shares of Incyte in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.