Incyte (NASDAQ:INCY) Earns “Market Perform” Rating from JMP Securities

JMP Securities restated their market perform rating on shares of Incyte (NASDAQ:INCY) in a research note published on Tuesday morning, Benzinga reports.

Several other research analysts also recently issued reports on the company. Citigroup upped their price objective on Incyte from $80.00 to $88.00 and gave the stock a buy rating in a report on Wednesday, July 31st. Guggenheim raised their price target on Incyte from $86.00 to $92.00 and gave the company a buy rating in a report on Monday. Deutsche Bank Aktiengesellschaft lifted their price objective on Incyte from $55.00 to $60.00 and gave the stock a hold rating in a research report on Thursday, August 1st. Cantor Fitzgerald restated a neutral rating on shares of Incyte in a research report on Monday. Finally, William Blair reiterated an outperform rating on shares of Incyte in a research report on Monday, September 9th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $73.24.

Incyte Stock Performance

Incyte stock opened at $66.82 on Tuesday. The stock has a 50-day simple moving average of $64.32 and a 200 day simple moving average of $59.75. The stock has a market capitalization of $15.00 billion, a price-to-earnings ratio of 20.25, a P/E/G ratio of 5.03 and a beta of 0.73. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. Incyte has a 12-month low of $50.27 and a 12-month high of $70.36.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the firm posted $0.77 earnings per share. The company’s revenue was up 9.3% on a year-over-year basis. On average, research analysts anticipate that Incyte will post 0.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Barry P. Flannelly sold 1,306 shares of Incyte stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the transaction, the executive vice president now owns 58,042 shares in the company, valued at approximately $3,725,715.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of Incyte stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the transaction, the executive vice president now owns 58,042 shares of the company’s stock, valued at $3,725,715.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the transaction, the executive vice president now owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The disclosure for this sale can be found here. Insiders sold 34,047 shares of company stock worth $2,225,626 over the last ninety days. 17.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new position in shares of Incyte during the second quarter worth about $2,738,000. Teachers Retirement System of The State of Kentucky lifted its stake in Incyte by 2,486.8% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 394,646 shares of the biopharmaceutical company’s stock valued at $23,923,000 after acquiring an additional 379,390 shares in the last quarter. Delphi Management Inc. MA acquired a new position in Incyte during the 2nd quarter worth approximately $73,000. Advisory Alpha LLC grew its stake in shares of Incyte by 18.9% during the 2nd quarter. Advisory Alpha LLC now owns 6,678 shares of the biopharmaceutical company’s stock worth $405,000 after acquiring an additional 1,062 shares in the last quarter. Finally, Truist Financial Corp acquired a new stake in shares of Incyte in the second quarter valued at approximately $1,122,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Company Profile

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.