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Incyte (NASDAQ:INCY)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued on Friday. They currently have a $58.00 price target on the stock. Zacks‘s target price suggests a potential upside of 4.28% 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. The 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. We are encouraged by the company’s efforts to expand Jakafi’s label, primarily for the polycythemia vera indication. The company’s deals with AstraZeneca and Bristol-Myers are also encouraging. Successful label expansion of the drug should drive growth further. Meanwhile, we are concerned about the company’s over-dependence on a single product for growth. We maintain our Neutral recommendation on the stock.”

Shares of Incyte (NASDAQ:INCY) traded down 0.29% on Friday, hitting $55.62. The stock had a trading volume of 629,818 shares. Incyte has a 52-week low of $22.29 and a 52-week high of $70.86. The stock has a 50-day moving average of $52. and a 200-day moving average of $55.96. The company’s market cap is $9.323 billion.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the 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 in the previous year, the company posted ($0.12) earnings per share. The company’s revenue for the quarter was up 26.3% on a year-over-year basis. Analysts expect that Incyte will post $-0.44 EPS for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Nomura reiterated a “buy” rating on shares of Incyte in a research note on Monday, June 2nd. They now have a $90.00 price target on the stock. Separately, analysts at Morgan Stanley reiterated an “underweight” rating on shares of Incyte in a research note on Thursday, May 15th. They now have a $14.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twelve have given a buy rating to the company. Incyte currently has a consensus rating of “Buy” and an average target price of $62.80.

In other Incyte news, EVP James M. Daly sold 11,111 shares of the company’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $56.03, for a total value of $622,549.33. The sale was disclosed in a filing with the SEC, 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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