Incyte (INCY) Downgraded by BidaskClub to Buy

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BidaskClub lowered shares of Incyte (NASDAQ:INCY) from a strong-buy rating to a buy rating in a report published on Wednesday morning.

A number of other analysts also recently commented on the company. Argus boosted their target price on Incyte from $83.00 to $98.00 and gave the stock a buy rating in a research report on Monday, February 25th. Raymond James set a $100.00 target price on Incyte and gave the stock a buy rating in a research report on Friday, February 15th. Royal Bank of Canada boosted their target price on Incyte to $89.00 and gave the stock an outperform rating in a research report on Friday, February 15th. TheStreet upgraded Incyte from a d+ rating to a c- rating in a research report on Friday, February 8th. Finally, JMP Securities reiterated a hold rating on shares of Incyte in a research report on Monday, February 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $92.40.

INCY traded down $0.91 during trading on Wednesday, reaching $82.46. 8,842 shares of the stock were exchanged, compared to its average volume of 1,616,933. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.29 and a current ratio of 4.31. The company has a market cap of $17.64 billion, a price-to-earnings ratio of 100.24, a PEG ratio of 1.25 and a beta of 1.34. Incyte has a 1 year low of $57.00 and a 1 year high of $96.33.

Incyte (NASDAQ:INCY) last posted its earnings results on Thursday, February 14th. The biopharmaceutical company reported $0.40 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.15. The company had revenue of $528.40 million for the quarter, compared to the consensus estimate of $485.72 million. Incyte had a return on equity of 6.17% and a net margin of 5.82%. Incyte’s quarterly revenue was up 19.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.02 earnings per share. On average, analysts predict that Incyte will post 1.27 EPS for the current fiscal year.

In related news, EVP Paula J. Swain sold 30,000 shares of the company’s stock in a transaction on Friday, January 4th. The stock was sold at an average price of $70.00, for a total value of $2,100,000.00. Following the completion of the transaction, the executive vice president now directly owns 62,324 shares in the company, valued at $4,362,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Paula J. Swain sold 10,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $86.68, for a total value of $866,800.00. The disclosure for this sale can be found here. Insiders sold 91,354 shares of company stock valued at $6,925,324 over the last quarter. Insiders own 17.20% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in INCY. American Century Companies Inc. boosted its holdings in Incyte by 49.0% in the fourth quarter. American Century Companies Inc. now owns 222,810 shares of the biopharmaceutical company’s stock valued at $14,168,000 after purchasing an additional 73,294 shares during the last quarter. Norges Bank purchased a new position in Incyte in the fourth quarter valued at about $186,630,000. Actinver Wealth Management Inc. purchased a new position in Incyte in the fourth quarter valued at about $224,000. Dimensional Fund Advisors LP boosted its holdings in Incyte by 15.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 333,420 shares of the biopharmaceutical company’s stock valued at $21,200,000 after purchasing an additional 45,496 shares during the last quarter. Finally, Kentucky Retirement Systems purchased a new position in Incyte in the fourth quarter valued at about $489,000. Hedge funds and other institutional investors own 89.05% of the company’s stock.

About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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