Incyte Corp. (INCY) Trading 1.6% Higher After Analyst Upgrade
Incyte Corp. (NASDAQ:INCY)’s share price rose 1.6% during mid-day trading on Friday after BMO Capital Markets raised their price target on the stock to $121.00. The stock traded as high as $97.82 and last traded at $96.30, with a volume of 1,714,608 shares trading hands. The stock had previously closed at $94.78.
INCY has been the subject of several other research reports. Zacks Investment Research downgraded shares of Incyte Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, August 16th. RBC Capital Markets reaffirmed an “outperform” rating and set a $116.00 price target on shares of Incyte Corp. in a research note on Wednesday, September 28th. Argus raised their price target on shares of Incyte Corp. from $92.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, September 26th. SunTrust Banks Inc. initiated coverage on shares of Incyte Corp. in a research note on Friday, August 5th. They set a “buy” rating and a $105.00 price target for the company. Finally, Piper Jaffray Cos. reissued a “buy” rating and set a $102.00 target price (up previously from $76.00) on shares of Incyte Corp. in a research note on Monday, August 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Incyte Corp. has an average rating of “Buy” and an average target price of $104.93.
In related news, EVP Paula J. Swain sold 60,000 shares of the business’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $90.00, for a total transaction of $5,400,000.00. Following the transaction, the executive vice president now directly owns 89,248 shares in the company, valued at $8,032,320. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Reid M. Huber sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $87.96, for a total transaction of $879,600.00. The disclosure for this sale can be found here. Insiders own 13.70% of the company’s stock.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INCY. Candriam Luxembourg S.C.A. boosted its position in 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 valued at $27,039,000 after buying an additional 64,709 shares during the period. Capital Fund Management S.A. bought a new stake in shares of Incyte Corp. during the second quarter valued at approximately $33,288,000. Royal Bank of Canada raised 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 in the last quarter. Geode Capital Management LLC raised 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 in the last quarter. Finally, Douglass Winthrop Advisors LLC bought a new stake in shares of Incyte Corp. during the second quarter valued at approximately $221,000. Institutional investors and hedge funds own 92.32% of the company’s stock.
The company has a market cap of $18.14 billion, a price-to-earnings ratio of 262.17 and a beta of 0.54. The company has a 50 day moving average of $84.77 and a 200 day moving average of $80.67.
Incyte Corp. (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported $0.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.20. Incyte Corp. had a net margin of 7.87% and a return on equity of 37.76%. The business earned $208 million during the quarter, compared to analyst estimates of $236.91 million. During the same period in the prior year, the business earned $0.05 EPS. The company’s revenue for the quarter was up 51.1% on a year-over-year basis. On average, equities research analysts forecast that Incyte Corp. will post $0.19 EPS for the current year.
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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