UBS Group Initiates Coverage on Incyte (NASDAQ:INCY)

Analysts at UBS Group initiated coverage on shares of Incyte (NASDAQ:INCY) in a research report issued on Tuesday,Briefing.com Automated Import reports. The firm set a “neutral” rating and a $77.00 price target on the biopharmaceutical company’s stock. UBS Group’s price target would suggest a potential upside of 11.30% from the company’s previous close.

INCY has been the topic of several other research reports. Royal Bank of Canada raised their price target on Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, November 14th. The Goldman Sachs Group raised their price objective on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Bank of America raised Incyte from a “neutral” rating to a “buy” rating and raised their price objective for the company from $68.00 to $90.00 in a report on Tuesday, October 29th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a report on Tuesday, November 19th. Finally, BMO Capital Markets reissued an “underperform” rating and set a $52.00 price objective (up from $48.00) on shares of Incyte in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $76.18.

Incyte Price Performance

INCY traded down $0.62 during trading on Tuesday, reaching $69.18. 78,128 shares of the company were exchanged, compared to its average volume of 2,329,832. The company’s 50-day moving average is $72.22 and its two-hundred day moving average is $66.40. The company has a market cap of $13.33 billion, a price-to-earnings ratio of 494.14, a P/E/G ratio of 8.36 and a beta of 0.69. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the business earned $0.91 EPS. The business’s revenue was up 23.8% on a year-over-year basis. Research analysts forecast that Incyte will post 0.4 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other news, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the sale, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.60% of the company’s stock.

Institutional Investors Weigh In On Incyte

Several hedge funds have recently made changes to their positions in INCY. Raymond James & Associates boosted its position in shares of Incyte by 783.4% during the second quarter. Raymond James & Associates now owns 34,790 shares of the biopharmaceutical company’s stock valued at $2,109,000 after purchasing an additional 30,852 shares in the last quarter. Dakota Wealth Management bought a new stake in shares of Incyte during the second quarter valued at approximately $1,063,000. Pallas Capital Advisors LLC bought a new stake in shares of Incyte during the second quarter valued at approximately $210,000. New York State Teachers Retirement System boosted its position in shares of Incyte by 4.1% during the second quarter. New York State Teachers Retirement System now owns 211,984 shares of the biopharmaceutical company’s stock valued at $12,850,000 after purchasing an additional 8,335 shares in the last quarter. Finally, JB Capital LLC raised its stake in Incyte by 2.6% during the second quarter. JB Capital LLC now owns 45,478 shares of the biopharmaceutical company’s stock valued at $2,757,000 after buying an additional 1,159 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

About Incyte

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.