Incyte (NASDAQ:INCY) Cut to “Neutral” at Guggenheim

Guggenheim downgraded shares of Incyte (NASDAQ:INCYGet Rating) from a buy rating to a neutral rating in a research report sent to investors on Wednesday morning, MarketBeat reports.

Other equities research analysts have also issued research reports about the stock. StockNews.com lowered shares of Incyte from a strong-buy rating to a buy rating in a report on Saturday, May 14th. Morgan Stanley upped their target price on shares of Incyte from $73.00 to $76.00 and gave the stock an equal weight rating in a report on Wednesday, April 20th. SVB Leerink upped their target price on shares of Incyte from $58.00 to $63.00 and gave the stock an underperform rating in a report on Wednesday, July 20th. Wells Fargo & Company started coverage on shares of Incyte in a report on Thursday, July 28th. They set an equal weight rating and a $76.00 target price for the company. Finally, Stifel Nicolaus upped their price objective on shares of Incyte from $75.00 to $77.00 in a report on Tuesday, May 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Incyte currently has an average rating of Hold and an average target price of $84.92.

Incyte Price Performance

Shares of NASDAQ INCY opened at $72.16 on Wednesday. The firm has a market cap of $16.05 billion, a PE ratio of 16.98, a PEG ratio of 1.23 and a beta of 0.64. The firm has a fifty day moving average of $76.16 and a 200 day moving average of $75.21. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.67 and a current ratio of 3.91. Incyte has a one year low of $61.91 and a one year high of $84.86.

Incyte (NASDAQ:INCYGet Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The biopharmaceutical company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.79 by $0.22. The company had revenue of $911.40 million during the quarter, compared to analyst estimates of $818.25 million. Incyte had a net margin of 28.46% and a return on equity of 13.02%. The firm’s revenue was up 29.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.65 EPS. As a group, research analysts predict that Incyte will post 2.32 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Thomas Tray sold 1,564 shares of Incyte stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $83.13, for a total transaction of $130,015.32. Following the completion of the transaction, the insider now owns 17,702 shares of the company’s stock, valued at approximately $1,471,567.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Vijay K. Iyengar sold 5,787 shares of Incyte stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $79.38, for a total transaction of $459,372.06. Following the completion of the sale, the executive vice president now owns 40,313 shares in the company, valued at approximately $3,200,045.94. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas Tray sold 1,564 shares of Incyte stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $83.13, for a total value of $130,015.32. Following the completion of the sale, the insider now owns 17,702 shares of the company’s stock, valued at approximately $1,471,567.26. The disclosure for this sale can be found here. 15.80% of the stock is owned by corporate insiders.

Institutional Trading of Incyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INCY. Clear Street Markets LLC grew its holdings in shares of Incyte by 410.4% during the 2nd quarter. Clear Street Markets LLC now owns 393 shares of the biopharmaceutical company’s stock worth $30,000 after purchasing an additional 316 shares during the period. Parkside Financial Bank & Trust lifted its position in Incyte by 91.0% during the 1st quarter. Parkside Financial Bank & Trust now owns 447 shares of the biopharmaceutical company’s stock worth $36,000 after acquiring an additional 213 shares in the last quarter. AlphaMark Advisors LLC acquired a new position in Incyte during the 4th quarter worth approximately $35,000. Glassman Wealth Services lifted its position in Incyte by 52.1% during the 4th quarter. Glassman Wealth Services now owns 502 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 172 shares in the last quarter. Finally, CX Institutional acquired a new position in Incyte during the 2nd quarter worth approximately $39,000. Hedge funds and other institutional investors own 92.78% of the company’s stock.

Incyte Company Profile

(Get Rating)

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Analyst Recommendations for Incyte (NASDAQ:INCY)

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