Incyte (NASDAQ:INCY) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of Incyte (NASDAQ:INCY) from a buy rating to a hold rating in a research note released on Saturday morning.

Other analysts have also issued research reports about the company. UBS Group boosted their price target on Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Morgan Stanley set a $119.00 price objective on Incyte in a research note on Wednesday. Weiss Ratings raised Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Guggenheim lifted their price objective on Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday. Finally, BMO Capital Markets boosted their target price on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research note on Wednesday. Eight investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $117.74.

Incyte Stock Down 2.8%

Shares of INCY opened at $119.52 on Friday. The company has a 50-day moving average price of $109.54 and a two-hundred day moving average price of $102.24. The stock has a market cap of $24.23 billion, a price-to-earnings ratio of 15.23, a P/E/G ratio of 1.55 and a beta of 0.76. Incyte has a 12 month low of $73.81 and a 12 month high of $132.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the company posted $1.57 EPS. The company’s revenue was up 37.7% compared to the same quarter last year. Equities research analysts expect that Incyte will post 2.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Incyte

Several large investors have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Incyte during the fourth quarter worth approximately $122,893,000. Caisse de depot et placement du Quebec boosted its stake in Incyte by 264.5% in the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock valued at $127,046,000 after acquiring an additional 1,087,091 shares during the last quarter. Marshall Wace LLP boosted its stake in Incyte by 6,586.4% in the fourth quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after acquiring an additional 1,056,451 shares during the last quarter. Wellington Management Group LLP grew its holdings in Incyte by 3,406.8% during the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after acquiring an additional 718,294 shares during the period. Finally, SEB Asset Management AB acquired a new stake in Incyte during the 1st quarter worth $60,817,000. 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.