Incyte Corp. (INCY) Upgraded by Zacks Investment Research to “Buy”
Incyte Corp. (NASDAQ:INCY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $107.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research’s price target points to a potential upside of 9.37% from the stock’s current price.
According to Zacks, “Incyte's only approved product, Jakafi looks well positioned and should continue to drive top line growth. Encouraged by Jakafi’s strong performance in the first half of 2016 and the strength of clinical data underlying the drug, Incyte has once again raised Jakafi revenue expectations for 2016. Moreover, Incyte boasts an attractive pipeline, comprising quite a few interesting candidates. Incyte may gain another approved product in its portfolio in 2017 with baricitinib currently under regulatory review. We are also encouraged by Incyte’s association with several big companies like Novartis and Eli Lilly among others. The ARIAD deal is another positive as it is expected to be accretive to earnings from 2018. However, Incyte is highly dependent on a single product, Jakafi, for growth, which has inherent risks. Also, most of its pipeline candidates are in early-to-mid stages of development, which translates into a long way to approval.”
Other equities analysts have also recently issued reports about the stock. Argus lifted their price objective on shares of Incyte Corp. from $92.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, September 26th. Piper Jaffray Cos. set a $102.00 price objective on shares of Incyte Corp. and gave the stock a “buy” rating in a research report on Tuesday, August 16th. Jefferies Group reaffirmed a “buy” rating and set a $98.00 price objective on shares of Incyte Corp. in a research report on Wednesday, August 10th. BMO Capital Markets reaffirmed a “buy” rating and set a $97.00 price objective (up from $91.00) on shares of Incyte Corp. in a research report on Tuesday, June 7th. Finally, Brean Capital reaffirmed a “buy” rating on shares of Incyte Corp. in a research report on Monday, June 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $104.93.
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Shares of Incyte Corp. (NASDAQ:INCY) opened at 97.83 on Tuesday. The company has a market cap of $18.39 billion, a price-to-earnings ratio of 265.84 and a beta of 0.54. Incyte Corp. has a 12-month low of $55.00 and a 12-month high of $124.98. The stock has a 50 day moving average of $85.39 and a 200 day moving average of $80.88.
Incyte Corp. (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported $0.18 EPS for the quarter, topping the Zacks’ 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 firm earned $208 million during the quarter, compared to analysts’ expectations of $236.91 million. During the same period in the previous year, the business posted $0.05 earnings per share. The company’s revenue for the quarter was up 51.1% compared to the same quarter last year. On average, equities analysts expect that Incyte Corp. will post $0.19 earnings per share for the current fiscal year.
In related news, EVP Reid M. Huber sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $87.96, for a total value of $879,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 value of $1,800,000.00. Following the completion of the sale, 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. Insiders own 13.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Aperio Group LLC boosted its stake in shares of Incyte Corp. by 10.6% in the first quarter. Aperio Group LLC now owns 28,947 shares of the biopharmaceutical company’s stock valued at $2,098,000 after buying an additional 2,777 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Incyte Corp. by 34.1% in the first quarter. Prudential Financial Inc. now owns 93,615 shares of the biopharmaceutical company’s stock valued at $6,785,000 after buying an additional 23,800 shares during the last quarter. Algert Global LLC bought a new stake in shares of Incyte Corp. during the first quarter valued at approximately $523,000. BlackRock Japan Co. Ltd boosted its stake in shares of Incyte Corp. by 1.7% in the first quarter. BlackRock Japan Co. Ltd now owns 209,597 shares of the biopharmaceutical company’s stock valued at $15,189,000 after buying an additional 3,417 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new stake in shares of Incyte Corp. during the first quarter valued at approximately $812,000. Institutional investors and hedge funds own 92.32% of the company’s stock.
Incyte Corp. Company Profile
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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