Incyte Corporation (INCY) Earns In-Line Rating from Analysts at Evercore ISI
Evercore ISI began coverage on shares of Incyte Corporation (NASDAQ:INCY) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage set an “in-line” rating and a $135.00 price target on the biopharmaceutical company’s stock. Evercore ISI’s price objective would indicate a potential upside of 8.57% from the company’s current price.
A number of other equities research analysts have also weighed in on INCY. Goldman Sachs Group, Inc. (The) cut their price objective on Incyte Corporation from $149.00 to $136.00 and set a “buy” rating on the stock in a research report on Tuesday, April 18th. Morgan Stanley lifted their price objective on Incyte Corporation from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 18th. Zacks Investment Research upgraded Incyte Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, April 18th. Credit Suisse Group reiterated an “outperform” rating and issued a $174.00 price objective on shares of Incyte Corporation in a research report on Tuesday, April 18th. Finally, Barclays PLC cut their price objective on Incyte Corporation from $185.00 to $180.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 19th. Seven investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Incyte Corporation presently has an average rating of “Buy” and an average price target of $140.16.
Incyte Corporation (NASDAQ INCY) traded down 0.87% during trading on Wednesday, hitting $123.26. The company’s stock had a trading volume of 190,709 shares. The firm’s market cap is $25.36 billion. Incyte Corporation has a 12 month low of $75.52 and a 12 month high of $153.15. The firm has a 50 day moving average of $130.27 and a 200 day moving average of $129.58.
Incyte Corporation (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.01. The business had revenue of $326.40 million during the quarter, compared to the consensus estimate of $318.45 million. Incyte Corporation had a negative return on equity of 21.57% and a negative net margin of 11.77%. Incyte Corporation’s quarterly revenue was up 32.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 earnings per share. Equities research analysts predict that Incyte Corporation will post ($0.89) earnings per share for the current year.
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In other news, insider Paul Trower sold 3,000 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $125.25, for a total value of $375,750.00. Following the completion of the transaction, the insider now owns 11,853 shares in the company, valued at $1,484,588.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David W. Gryska sold 16,756 shares of the business’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $116.60, for a total value of $1,953,749.60. Following the completion of the transaction, the chief financial officer now owns 35,771 shares of the company’s stock, valued at approximately $4,170,898.60. The disclosure for this sale can be found here. Insiders sold 48,183 shares of company stock worth $5,976,946 over the last three months. Corporate insiders own 17.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. D. Scott Neal Inc. acquired a new position in Incyte Corporation during the second quarter valued at $103,000. Tower Research Capital LLC TRC acquired a new position in Incyte Corporation during the first quarter valued at $105,000. Cornerstone Advisors Inc. boosted its position in Incyte Corporation by 19.6% in the second quarter. Cornerstone Advisors Inc. now owns 884 shares of the biopharmaceutical company’s stock valued at $111,000 after buying an additional 145 shares in the last quarter. Exane Asset Management acquired a new position in Incyte Corporation during the second quarter valued at $126,000. Finally, Seven Eight Capital LP acquired a new position in Incyte Corporation during the second quarter valued at $129,000. Hedge funds and other institutional investors own 91.54% of the company’s stock.
About Incyte Corporation
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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