UBS Group Issues Pessimistic Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price objective reduced by analysts at UBS Group from $104.00 to $94.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. UBS Group’s price objective indicates a potential upside of 1.89% from the company’s previous close.

INCY has been the topic of several other research reports. Truist Financial set a $103.00 price objective on Incyte in a research report on Wednesday, December 24th. Weiss Ratings lowered shares of Incyte from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, March 17th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $90.00 target price on shares of Incyte in a research note on Thursday, January 8th. Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and lowered their price target for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Finally, Stifel Nicolaus raised their price target on shares of Incyte from $119.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $104.89.

Incyte Stock Performance

Shares of INCY stock opened at $92.26 on Wednesday. Incyte has a 52-week low of $53.56 and a 52-week high of $112.29. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The stock has a market cap of $18.36 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 0.73 and a beta of 0.84. The business has a 50-day simple moving average of $99.30 and a 200-day simple moving average of $96.91.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.96 by ($0.16). The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.The firm’s revenue was up 27.8% on a year-over-year basis. During the same period last year, the business earned $1.43 earnings per share. On average, equities analysts expect that Incyte will post 4.86 EPS for the current year.

Insider Buying and Selling

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the transaction, the insider owned 234,800 shares in the company, valued at $22,127,552. This trade represents a 7.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mohamed Khairie Issa sold 10,856 shares of Incyte stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the sale, the executive vice president directly owned 66,132 shares in the company, valued at $7,213,017.24. This represents a 14.10% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 17.80% of the company’s stock.

Institutional Trading of Incyte

A number of institutional investors and hedge funds have recently modified their holdings of the stock. AustralianSuper Pty Ltd acquired a new stake in shares of Incyte in the third quarter worth approximately $18,085,000. Rakuten Investment Management Inc. acquired a new position in Incyte in the 3rd quarter valued at $14,646,000. LBP AM SA lifted its holdings in Incyte by 33.6% in the 3rd quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock valued at $20,245,000 after purchasing an additional 59,974 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Incyte by 38.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company’s stock valued at $32,873,000 after purchasing an additional 108,645 shares in the last quarter. Finally, Nordea Investment Management AB boosted its stake in Incyte by 941.8% during the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after purchasing an additional 291,293 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

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.