Incyte Corp. (INCY) Given “Outperform” Rating at RBC Capital Markets
Incyte Corp. (NASDAQ:INCY)‘s stock had its “outperform” rating reaffirmed by equities researchers at RBC Capital Markets in a research report issued on Monday. They presently have a $116.00 price target on the biopharmaceutical company’s stock. RBC Capital Markets’ price objective would suggest a potential upside of 18.57% from the stock’s previous close.
INCY has been the subject of several other reports. BMO Capital Markets increased their price objective on shares of Incyte Corp. to $121.00 in a research report on Friday. Piper Jaffray Cos. set a $102.00 price objective on shares of Incyte Corp. and gave the company a “buy” rating in a research report on Tuesday, August 16th. Jefferies Group reaffirmed a “buy” rating and issued a $98.00 price objective on shares of Incyte Corp. in a research report on Wednesday, August 10th. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Incyte Corp. in a research report on Wednesday, June 29th. Finally, SunTrust Banks Inc. began coverage on shares of Incyte Corp. in a research report on Friday, August 5th. They issued a “buy” rating and a $105.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have assigned a buy rating to the company. Incyte Corp. currently has a consensus rating of “Buy” and a consensus price target of $104.93.
Incyte Corp. (NASDAQ:INCY) traded down 0.18% during trading on Monday, hitting $97.65. 390,559 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $85.39 and its 200 day moving average price is $80.88. Incyte Corp. has a 12-month low of $55.00 and a 12-month high of $124.98. The firm has a market cap of $18.36 billion, a price-to-earnings ratio of 265.35 and a beta of 0.53.
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Incyte Corp. (NASDAQ:INCY) last released its quarterly 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 business had revenue of $208 million for the quarter, compared to analysts’ expectations of $236.91 million. During the same period last year, the business earned $0.05 EPS. The company’s revenue was up 51.1% compared to the same quarter last year. Equities analysts forecast that Incyte Corp. will post $0.19 earnings per share for the current fiscal year.
In other news, EVP Reid M. Huber sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $87.96, for a total transaction of $879,600.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 approximately $8,032,320. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in INCY. Pictet Asset Management Ltd. raised its stake in shares of Incyte Corp. by 241.5% in the second quarter. Pictet Asset Management Ltd. now owns 760,513 shares of the biopharmaceutical company’s stock valued at $64,195,000 after buying an additional 537,800 shares during the period. Capital International Investors raised its stake in shares of Incyte Corp. by 9.2% in the second quarter. Capital International Investors now owns 5,918,033 shares of the biopharmaceutical company’s stock worth $473,324,000 after buying an additional 499,536 shares during the period. Marshall Wace LLP raised its stake in shares of Incyte Corp. by 224.0% in the second quarter. Marshall Wace LLP now owns 637,663 shares of the biopharmaceutical company’s stock worth $51,000,000 after buying an additional 440,877 shares during the period. Capital Fund Management S.A. acquired a new stake in shares of Incyte Corp. during the second quarter worth about $33,288,000. Finally, Eaton Vance Management raised its stake in shares of Incyte Corp. by 246.2% in the second quarter. Eaton Vance Management now owns 511,787 shares of the biopharmaceutical company’s stock worth $40,933,000 after buying an additional 363,939 shares during the period. 92.32% of the stock is currently owned by hedge funds and other institutional investors.
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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