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Analysts at SunTrust initiated coverage on shares of Incyte (NASDAQ:INCY) in a research report issued to clients and investors on Thursday. The firm set a “buy” rating and a $71.00 price target on the stock. SunTrust’s price objective suggests a potential upside of 36.78% from the company’s current price.

Shares of Incyte (NASDAQ:INCY) traded down 1.20% during mid-day trading on Thursday, hitting $51.93. The stock had a trading volume of 555,095 shares. Incyte has a 52-week low of $33.01 and a 52-week high of $70.86. The stock has a 50-day moving average of $49.71 and a 200-day moving average of $53.25. The company’s market cap is $8.746 billion.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Thursday, July 31st. The company reported ($0.22) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.05 by $0.27. The company had revenue of $99.58 million for the quarter, compared to the consensus estimate of $140.72 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The company’s quarterly revenue was down 2.1% on a year-over-year basis. On average, analysts predict that Incyte will post $-0.36 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on INCY. Analysts at Zacks reiterated a “neutral” rating on shares of Incyte in a research note on Tuesday, August 5th. They now have a $51.00 price target on the stock. Analysts at Nomura reiterated a “buy” rating on shares of Incyte in a research note on Thursday, July 24th. They now have a $90.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have given a buy rating to the stock. Incyte has a consensus rating of “Buy” and an average price target of $64.40.

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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