Incyte Corp. (NASDAQ:INCY) Receives Average Recommendation of “Buy” from Brokerages
Shares of Incyte Corp. (NASDAQ:INCY) have earned a consensus rating of “Buy” from the twenty-three brokerages that are covering the company. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and twenty have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $104.09.
Several equities research analysts have issued reports on INCY shares. JMP Securities reissued an “outperform” rating and issued a $100.00 price objective on shares of Incyte Corp. in a research report on Wednesday, June 15th. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Incyte Corp. in a research report on Wednesday, June 29th. Royal Bank Of Canada started coverage on shares of Incyte Corp. in a research report on Tuesday, July 12th. They issued an “outperform” rating and a $105.00 price objective for the company. Leerink Swann reissued a “buy” rating on shares of Incyte Corp. in a research report on Monday, July 18th. Finally, Zacks Investment Research raised shares of Incyte Corp. from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Tuesday, July 19th.
Shares of Incyte Corp. (NASDAQ:INCY) traded up 1.645% during midday trading on Friday, hitting $96.339. 1,669,804 shares of the company traded hands. The stock has a market capitalization of $18.11 billion, a P/E ratio of 261.791 and a beta of 0.54. Incyte Corp. has a 52 week low of $55.00 and a 52 week high of $124.98. The company has a 50-day moving average price of $84.78 and a 200-day moving average price of $80.67.
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Incyte Corp. (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.20. The company earned $208 million during the quarter, compared to analysts’ expectations of $236.91 million. Incyte Corp. had a net margin of 7.87% and a return on equity of 37.76%. The firm’s quarterly revenue was up 51.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.05 EPS. Analysts anticipate that Incyte Corp. will post $0.19 earnings per share for the current fiscal year.
In other Incyte Corp. news, EVP Paula J. Swain sold 60,000 shares of the company’s stock in a transaction that occurred on 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 owns 89,248 shares in the company, valued at approximately $8,032,320. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Paula J. Swain sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $90.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now owns 49,248 shares in the company, valued at approximately $4,432,320. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Aperio Group LLC raised its stake in Incyte Corp. by 10.6% in the first quarter. Aperio Group LLC now owns 28,947 shares of the biopharmaceutical company’s stock worth $2,098,000 after buying an additional 2,777 shares during the last quarter. Prudential Financial Inc. raised its stake in Incyte Corp. by 34.1% in the first quarter. Prudential Financial Inc. now owns 93,615 shares of the biopharmaceutical company’s stock worth $6,785,000 after buying an additional 23,800 shares during the last quarter. Algert Global LLC acquired a new stake in Incyte Corp. during the first quarter worth $523,000. BlackRock Japan Co. Ltd raised its stake in Incyte Corp. by 1.7% in the first quarter. BlackRock Japan Co. Ltd now owns 209,597 shares of the biopharmaceutical company’s stock worth $15,189,000 after buying an additional 3,417 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new stake in Incyte Corp. during the first quarter worth $812,000. 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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