Incyte (NASDAQ:INCY) downgraded by

Incyte (NASDAQ:INCY – Get an assessment) was downgraded by from a “strong buy” rating to a “buy” rating in a research report released on Saturday.

A number of other equity research analysts have also weighed in on the company recently. Zacks Investment Research downgraded Incyte from a “sell” rating to a “hold” rating and set a target price of $85.00 on the stock in a Tuesday, April 5 research report. SVB Leerink downgraded Incyte from a “market performer” rating to an “underperformer” rating and lowered its price target for the company from $60.00 to $56.00 in a Wednesday report February 9. Stifel Nicolaus raised his price target on Incyte from $75.00 to $77.00 in a Tuesday, May 3 report. Morgan Stanley raised its price target on Incyte from $73.00 to $76.00 and gave the company an “equal weight” rating in a Wednesday, April 20 report. Finally, Royal Bank of Canada upgraded Incyte from an “sector performer” rating to an “outperform” rating and raised its price target for the company from $78.00 to $90.00 in a report of Tuesday 18 January. One financial analyst gave the stock a sell rating, four gave the company a hold rating and seven gave the company a buy rating. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $86.92.

INCY stock opened at $74.90 on Friday. Incyte has a 12-month low of $61.91 and a 12-month high of $88.26. The company has a market capitalization of $16.59 billion, a PE ratio of 17.83, a growth price-earnings ratio of 0.91 and a beta of 0.71. The company’s 50-day simple moving average is $77.28 and its 200-day simple moving average is $72.38. The company has a quick ratio of 3.67, a current ratio of 3.71 and a leverage ratio of 0.01.

Incyte (NASDAQ:INCY – Get Rating) last reported results on Tuesday, May 3. The biopharmaceutical company reported earnings per share of $0.40 for the quarter, beating analysts’ consensus estimate of $0.34 by $0.06. Incyte had a return on equity of 12.77% and a net margin of 29.95%. The company posted revenue of $733.20 million for the quarter, versus a consensus estimate of $753.54 million. During the same period last year, the company made earnings per share of $0.50. The company’s revenue for the quarter increased by 21.3% compared to the same quarter last year. On average, equity research analysts expect Incyte to post an EPS of 2.31 for the current year.

In other Incyte news, Director Bros. Advisors Lp Baker purchased 292,972 shares of Incyte in a trade dated Thursday, February 17. The shares were acquired at an average cost of $67.74 per share, with a total value of $19,845,923.28. The purchase was disclosed in a legal filing with the SEC, which is available via this link. Additionally, Executive Vice President Barry P. Flannelly sold 43,993 shares of the company in a transaction that took place on Friday, April 8. The stock was sold at an average price of $83.49, for a total transaction of $3,672,975.57. Following completion of the transaction, the executive vice president now owns 65,163 shares of the company, valued at approximately $5,440,458.87. The disclosure of this sale can be found here. Insiders purchased a total of 711,335 shares of the company worth $49,689,821 over the past three months. 15.80% of the shares are held by insiders of the company.

Hedge funds have recently been buying and selling shares of the stock. Fiera Capital Corp bought a new position in Incyte in Q4 worth approximately $653,000. National Bank of Canada FI bought a new position in Incyte in Q4 worth approximately $44,000. The Illinois Municipal Retirement Fund increased its position in Incyte shares by 30.9% during the fourth quarter. The Illinois Municipal Retirement Fund now owns 21,033 shares of the biopharmaceutical company valued at $1,544,000 after acquiring 4,961 additional shares in the last quarter. Frontier Capital Management Co. LLC purchased a new stake in Incyte stock during Q4 for $5,774,000. Finally, the South Dakota Investment Council increased its position in Incyte shares by 727.7% during the 4th quarter. The South Dakota Investment Council now owns 247,480 shares of the biopharmaceutical company valued at $18,165,000 after acquiring an additional 217,580 shares in the last quarter. Hedge funds and other institutional investors hold 92.78% of the company’s shares.

Incyte Company Profile (Get an evaluation)

Incyte Corporation, a biopharmaceutical company, is focused on the discovery, development and commercialization of proprietary therapeutic products in the United States and around the world. The company offers JAKAFI, a medicine for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that acts as an oncogenic inducer in various types of liquid and solid tumors; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and Philadelphia chromosome-positive acute lymphoblastic leukemia.

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