Incyte Corp. (INCY) Price Target Increased to $110.00 by Analysts at JMP Securities
Incyte Corp. (NASDAQ:INCY) had its target price raised by stock analysts at JMP Securities from $100.00 to $110.00 in a research report issued on Monday. The brokerage presently has a “market outperform” rating on the biopharmaceutical company’s stock. JMP Securities’ target price suggests a potential upside of 13.55% from the stock’s current price.
INCY has been the subject of several other reports. RBC Capital Markets reiterated an “outperform” rating and issued a $116.00 price target on shares of Incyte Corp. in a research report on Wednesday, September 28th. Barclays PLC lifted their price target on Incyte Corp. from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, August 10th. Piper Jaffray Cos. reiterated a “buy” rating and issued a $102.00 price target (up from $76.00) on shares of Incyte Corp. in a research report on Monday, August 1st. SunTrust Banks Inc. began coverage on Incyte Corp. in a research report on Friday, August 5th. They issued a “buy” rating and a $105.00 price target for the company. Finally, Leerink Swann reiterated a “buy” rating on shares of Incyte Corp. in a research report on Monday, July 18th. One investment 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’s stock. Incyte Corp. presently has an average rating of “Buy” and an average target price of $105.40.
Shares of Incyte Corp. (NASDAQ:INCY) traded down 1.21% during midday trading on Monday, hitting $96.65. The stock had a trading volume of 715,078 shares. Incyte Corp. has a 1-year low of $55.00 and a 1-year high of $124.98. The stock has a market cap of $18.17 billion, a price-to-earnings ratio of 262.64 and a beta of 0.53. The firm’s 50-day moving average price is $85.39 and its 200-day moving average price is $80.88.
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Incyte Corp. (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ 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 return on equity of 37.76% and a net margin of 7.87%. The firm’s quarterly revenue was up 51.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 earnings per share. Analysts forecast that Incyte Corp. will post $0.19 earnings per share for the current year.
In other news, EVP Reid M. Huber sold 10,000 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $87.96, for a total transaction of $879,600.00. The transaction 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 stock in a transaction 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 transaction, the executive vice president now directly owns 49,248 shares in the company, valued at $4,432,320. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in INCY. Pictet Asset Management Ltd. boosted its position in 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 last quarter. Capital International Investors boosted its position in Incyte Corp. by 9.2% in the second quarter. Capital International Investors now owns 5,918,033 shares of the biopharmaceutical company’s stock valued at $473,324,000 after buying an additional 499,536 shares during the last quarter. Marshall Wace LLP boosted its position in Incyte Corp. by 224.0% in the second quarter. Marshall Wace LLP now owns 637,663 shares of the biopharmaceutical company’s stock valued at $51,000,000 after buying an additional 440,877 shares during the last quarter. Capital Fund Management S.A. purchased a new position in Incyte Corp. during the second quarter valued at $33,288,000. Finally, Eaton Vance Management boosted its position in Incyte Corp. by 246.2% in the second quarter. Eaton Vance Management now owns 511,787 shares of the biopharmaceutical company’s stock valued at $40,933,000 after buying an additional 363,939 shares during the last quarter. 92.32% of the stock is currently owned by hedge funds and other institutional investors.
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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