Incyte Coverage Initiated at Bank of America (INCY)
Bank of America assumed coverage on shares of Incyte (NASDAQ:INCY) in a research note issued on Wednesday, American Banking and Market News reports. The firm set a “buy” rating on the stock.
INCY has been the subject of a number of other recent research reports. Analysts at Barclays raised their price target on shares of Incyte from $64.00 to $75.00 in a research note on Thursday, February 13th. They now have an “overweight” rating on the stock. Separately, analysts at UBS AG raised their price target on shares of Incyte from $74.00 to $90.00 in a research note on Thursday, February 13th. They now have a “buy” rating on the stock. Finally, analysts at Canaccord Genuity raised their price target on shares of Incyte from $79.00 to $85.00 in a research note on Thursday, February 13th. They now have a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $61.07.
Incyte (NASDAQ:INCY) opened at 68.37 on Wednesday. Incyte has a 52 week low of $18.23 and a 52 week high of $69.98. The stock has a 50-day moving average of $63.27 and a 200-day moving average of $46.08. The company’s market cap is $11.318 billion.
Incyte (NASDAQ:INCY) last announced its earnings results on Wednesday, February 12th. The company reported ($0.15) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.10) by $0.05. The company had revenue of $97.10 million for the quarter, compared to the consensus estimate of $98.04 million. During the same quarter in the prior year, the company posted $0.14 earnings per share. The company’s quarterly revenue was down 14.7% on a year-over-year basis. On average, analysts predict that Incyte will post $-0.52 earnings per share for the current fiscal year.
In other Incyte news, Director Paul Friedman sold 33,354 shares of Incyte stock on the open market in a transaction dated Thursday, February 20th. The stock was sold at an average price of $63.51, for a total value of $2,118,312.54. Following the sale, the director now directly owns 417,518 shares of the company’s stock, valued at approximately $26,516,568. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Incyte Corporation (NASDAQ:INCY) is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat serious unmet medical needs.
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