BMO Capital Markets Boosts Incyte Corp. (INCY) Price Target to $121.00
Incyte Corp. (NASDAQ:INCY) had its price objective increased by equities research analysts at BMO Capital Markets to $121.00 in a report released on Friday. BMO Capital Markets’ price target suggests a potential upside of 27.66% from the stock’s current price.
Several other analysts have also recently commented on the stock. RBC Capital Markets reiterated an “outperform” rating and issued a $116.00 price target on shares of Incyte Corp. in a research note on Wednesday, September 28th. Barclays PLC boosted their price target on shares of Incyte Corp. from $85.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 10th. Piper Jaffray Cos. reiterated a “buy” rating and issued a $102.00 price target (up previously from $76.00) on shares of Incyte Corp. in a research note on Monday, August 1st. SunTrust Banks Inc. began coverage on shares of Incyte Corp. in a research note on Friday, August 5th. They issued a “buy” rating and a $105.00 price target on the stock. Finally, JMP Securities reiterated an “outperform” rating and issued a $100.00 price target on shares of Incyte Corp. in a research note on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $104.93.
Incyte Corp. (NASDAQ:INCY) traded up 1.52% during mid-day trading on Friday, reaching $96.22. The company had a trading volume of 1,592,824 shares. The company’s 50-day moving average is $84.77 and its 200-day moving average is $80.67. The stock has a market capitalization of $18.09 billion, a PE ratio of 261.47 and a beta of 0.54. Incyte Corp. has a one year low of $55.00 and a one year high of $124.98.
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Incyte Corp. (NASDAQ:INCY) last released its earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.20. Incyte Corp. had a net margin of 7.87% and a return on equity of 37.76%. The company had revenue of $208 million for the quarter, compared to analysts’ expectations of $236.91 million. During the same quarter in the previous year, the company earned $0.05 EPS. Incyte Corp.’s revenue for the quarter was up 51.1% on a year-over-year basis. Equities research analysts anticipate that Incyte Corp. will post $0.19 earnings per share for the current year.
In other Incyte Corp. news, EVP Reid M. Huber sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $87.96, for a total value of $879,600.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Paula J. Swain sold 20,000 shares of the company’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $90.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 49,248 shares in the company, valued at $4,432,320. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the company. Candriam Luxembourg S.C.A. increased its position in shares of Incyte Corp. by 23.7% in the second quarter. Candriam Luxembourg S.C.A. now owns 338,061 shares of the biopharmaceutical company’s stock worth $27,039,000 after buying an additional 64,709 shares in the last quarter. Capital Fund Management S.A. acquired a new stake in shares of Incyte Corp. during the second quarter valued at $33,288,000. Royal Bank of Canada boosted its stake in shares of Incyte Corp. by 119.9% in the first quarter. Royal Bank of Canada now owns 621,527 shares of the biopharmaceutical company’s stock valued at $45,042,000 after buying an additional 338,904 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Incyte Corp. by 4.8% in the first quarter. Geode Capital Management LLC now owns 1,068,236 shares of the biopharmaceutical company’s stock valued at $77,372,000 after buying an additional 48,498 shares during the last quarter. Finally, Douglass Winthrop Advisors LLC acquired a new stake in shares of Incyte Corp. during the second quarter valued at $221,000. Institutional investors and hedge funds own 92.32% of the company’s stock.
About Incyte Corp.
Incyte Corporation is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutics to treat medical needs, primarily in oncology. The Company focuses on the research and development program to explore the inhibition of enzymes called janus associated kinases (JAK).
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