BidaskClub Downgrades Incyte (INCY) to Strong Sell

Incyte (NASDAQ:INCY) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Wednesday.

A number of other equities analysts have also recently issued reports on the stock. JMP Securities cut shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 1st. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $88.00 price objective on shares of Incyte in a research note on Wednesday, August 1st. Oppenheimer set a $70.00 price objective on shares of Incyte and gave the company a “hold” rating in a research note on Tuesday, July 31st. Cowen reiterated a “buy” rating on shares of Incyte in a report on Tuesday, July 31st. Finally, Raymond James reiterated a “buy” rating on shares of Incyte in a report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company’s stock. Incyte currently has an average rating of “Hold” and a consensus target price of $104.23.

Incyte traded up $0.44, reaching $64.82, during midday trading on Wednesday, Marketbeat reports. The company’s stock had a trading volume of 33,524 shares, compared to its average volume of 1,613,307. Incyte has a 52 week low of $60.22 and a 52 week high of $140.11. The stock has a market cap of $13.39 billion, a PE ratio of 101.33 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.32 and a current ratio of 4.34.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 31st. The biopharmaceutical company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.22. Incyte had a negative net margin of 5.92% and a positive return on equity of 1.74%. The firm had revenue of $521.50 million for the quarter, compared to analysts’ expectations of $510.70 million. During the same period last year, the firm earned ($0.06) earnings per share. The business’s revenue for the quarter was up 59.8% on a year-over-year basis. sell-side analysts predict that Incyte will post 0.43 earnings per share for the current fiscal year.

In other Incyte news, EVP Vijay K. Iyengar sold 606 shares of the stock in a transaction on Monday, July 9th. The shares were sold at an average price of $71.34, for a total value of $43,232.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 17.20% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Tyers Asset Management LLC raised its holdings in shares of Incyte by 39.9% during the second quarter. Tyers Asset Management LLC now owns 6,960 shares of the biopharmaceutical company’s stock worth $466,000 after acquiring an additional 1,984 shares during the period. Meadow Creek Investment Management LLC raised its holdings in shares of Incyte by 70.6% during the second quarter. Meadow Creek Investment Management LLC now owns 12,180 shares of the biopharmaceutical company’s stock worth $816,000 after acquiring an additional 5,040 shares during the period. Tiverton Asset Management LLC raised its holdings in shares of Incyte by 160.1% during the second quarter. Tiverton Asset Management LLC now owns 6,899 shares of the biopharmaceutical company’s stock worth $462,000 after acquiring an additional 4,247 shares during the period. Great West Life Assurance Co. Can raised its holdings in shares of Incyte by 2.0% during the second quarter. Great West Life Assurance Co. Can now owns 126,512 shares of the biopharmaceutical company’s stock worth $8,478,000 after acquiring an additional 2,519 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Incyte by 0.9% during the second quarter. Dimensional Fund Advisors LP now owns 287,060 shares of the biopharmaceutical company’s stock worth $19,231,000 after acquiring an additional 2,420 shares during the period. Institutional investors and hedge funds own 93.26% of the company’s stock.

About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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