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 research note issued on Thursday,Zacks.com reports.

A number of other research firms also recently commented on INCY. Oppenheimer lifted their target price on Incyte from $84.00 to $90.00 and gave the stock a “market perform” rating in a report on Wednesday, April 29th. Piper Sandler boosted their price target on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Weiss Ratings raised Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Barclays reissued an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Finally, Royal Bank Of Canada decreased their price target on Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a report on Wednesday, February 11th. Ten analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Incyte presently has a consensus rating of “Hold” and an average target price of $104.00.

Incyte Trading Down 0.3%

Incyte stock opened at $97.16 on Thursday. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. Incyte has a 52 week low of $63.51 and a 52 week high of $112.29. The company has a market capitalization of $19.41 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 0.93 and a beta of 0.79. The stock has a 50-day moving average price of $95.41 and a 200 day moving average price of $99.64.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the company posted $1.16 earnings per share. The company’s revenue was up 20.9% compared to the same quarter last year. Sell-side analysts anticipate that Incyte will post 6.74 EPS for the current year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in INCY. Norges Bank acquired a new position in Incyte in the 4th quarter valued at $122,893,000. Caisse de depot et placement du Quebec raised its stake in Incyte by 264.5% in the 3rd 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 purchasing an additional 1,087,091 shares during the last quarter. Marshall Wace LLP raised its stake in Incyte by 6,586.4% in the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after purchasing an additional 1,056,451 shares during the last quarter. Wellington Management Group LLP raised its stake in Incyte by 3,406.8% in the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock valued at $73,028,000 after purchasing an additional 718,294 shares during the last quarter. Finally, SEB Asset Management AB acquired a new position in Incyte in the 1st quarter valued at $60,817,000. 96.97% of the stock is owned by institutional investors and hedge funds.

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.