Incyte’s (INCY) Overweight Rating Reaffirmed at Morgan Stanley
Incyte Co. (NASDAQ:INCY)‘s stock had its “overweight” rating reiterated by investment analysts at Morgan Stanley in a report released on Friday. They presently have a $142.00 price objective on the biopharmaceutical company’s stock. Morgan Stanley’s price target would suggest a potential upside of 8.04% from the company’s previous close.
INCY has been the subject of several other reports. Goldman Sachs Group Inc lifted their target price on Incyte from $116.00 to $149.00 and gave the company a “buy” rating in a research note on Friday, January 27th. Nomura initiated coverage on Incyte in a research note on Wednesday, March 1st. They issued a “buy” rating for the company. Royal Bank of Canada lifted their target price on Incyte from $123.00 to $138.00 and gave the company an “outperform” rating in a research note on Wednesday, February 15th. Cowen and Company reissued an “outperform” rating on shares of Incyte in a research note on Wednesday, March 8th. Finally, Zacks Investment Research cut Incyte from a “hold” rating to a “strong sell” rating in a research note on Friday, February 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Incyte has an average rating of “Buy” and a consensus price target of $139.93.
Incyte (NASDAQ:INCY) opened at 131.43 on Friday. The company’s market cap is $26.91 billion. Incyte has a 52 week low of $69.95 and a 52 week high of $153.15. The company’s 50-day moving average price is $126.97 and its 200 day moving average price is $119.23.
Incyte (NASDAQ:INCY) last released its earnings results on Thursday, May 4th. The biopharmaceutical company reported ($0.96) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.97) by $0.01. The company had revenue of $384.08 million during the quarter, compared to analysts’ expectations of $359.19 million. Incyte had a return on equity of 50.38% and a net margin of 14.71%. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period last year, the firm earned $0.12 EPS. On average, analysts anticipate that Incyte will post ($0.76) EPS for the current year.
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In other Incyte news, Director Jean Jacques Bienaime bought 500 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was purchased at an average cost of $115.00 per share, with a total value of $57,500.00. Following the completion of the purchase, the director now owns 4,177 shares in the company, valued at $480,355. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul A. Friedman sold 50,000 shares of the business’s stock in a transaction dated Friday, March 17th. The shares were sold at an average price of $148.72, for a total value of $7,436,000.00. Following the completion of the transaction, the director now directly owns 302,976 shares of the company’s stock, valued at $45,058,590.72. The disclosure for this sale can be found here. Over the last three months, insiders acquired 3,000 shares of company stock valued at $398,770 and sold 137,968 shares valued at $19,395,245. 13.70% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the stock. Asymmetry Capital Management L.P. raised its stake in shares of Incyte by 46.6% in the third quarter. Asymmetry Capital Management L.P. now owns 37,407 shares of the biopharmaceutical company’s stock worth $3,527,000 after buying an additional 11,897 shares during the period. NF Trinity Capital Hong Kong Ltd purchased a new stake in shares of Incyte during the third quarter worth approximately $7,072,000. Jana Partners LLC purchased a new stake in shares of Incyte during the third quarter worth approximately $5,505,000. Frontier Capital Management Co. LLC raised its stake in shares of Incyte by 8.9% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,104,616 shares of the biopharmaceutical company’s stock worth $110,760,000 after buying an additional 90,098 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Incyte by 793.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 25,717 shares of the biopharmaceutical company’s stock worth $2,579,000 after buying an additional 22,837 shares during the period. Institutional investors own 92.62% of the company’s stock.
Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).
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