Incyte Rating Reiterated by Zacks (INCY)
Incyte (NASDAQ:INCY)‘s stock had its “neutral” rating reaffirmed by Zacks in a note issued to investors on Monday, Analyst Ratings News reports. They currently have a $54.00 price target on the stock. Zacks‘s target price would indicate a potential upside of 4.63% from the company’s current price.
Zacks’ analyst wrote, “Incyte reported a loss of $0.21 per share in the first quarter of 2014, wider than the Zacks Consensus Estimate of a loss of $0.19 and the year-ago loss of $0.12 per share. Wider loss was due to higher expenses. Jakafi has performed well since its launch for MF and is expected to keep doing so going forward. 2014 Jakafi sales are expected in the range of $315-$335 million. We are encouraged by the company’s efforts to expand Jakafi’s label. Successful label expansion of the drug should drive growth further. Meanwhile, we remain concerned about the company’s over-dependence on a single product for growth. Consequently the company’s pipeline needs to deliver. We maintain our Neutral recommendation on the stock.”
Shares of Incyte (NASDAQ:INCY) traded up 0.95% on Monday, hitting $52.10. 1,760,479 shares of the company’s stock traded hands. Incyte has a 52 week low of $18.23 and a 52 week high of $70.86. The stock has a 50-day moving average of $51.88 and a 200-day moving average of $52.80. The company’s market cap is $8.624 billion.
Incyte (NASDAQ:INCY) last announced its earnings results on Thursday, May 1st. The company reported ($0.21) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.17) by $0.04. The company had revenue of $89.80 million for the quarter, compared to the consensus estimate of $97.70 million. During the same quarter last year, the company posted ($0.12) earnings per share. Incyte’s revenue was up 26.3% compared to the same quarter last year. On average, analysts predict that Incyte will post $-0.58 earnings per share for the current fiscal year.
In other Incyte news, EVP James Daly sold 30,555 shares of Incyte stock on the open market in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $47.71, for a total value of $1,457,779.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Nomura cut their price target on shares of Incyte from $93.00 to $90.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Leerink Swann initiated coverage on shares of Incyte in a research note on Tuesday, April 29th. They set an “outperform” rating and a $76.00 price target on the stock. Finally, analysts at Argus raised their price target on shares of Incyte from $65.00 to $85.00 in a research note on Monday, March 17th. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $67.60.
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.
To view Zacks’ full report, visit Zacks’ official website.
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