Evercore ISI Initiates Coverage on Incyte Corporation (INCY)
Investment analysts at Evercore ISI started coverage on shares of Incyte Corporation (NASDAQ:INCY) in a research note issued on Wednesday, The Fly reports. The brokerage set a $135.00 price target on the biopharmaceutical company’s stock. Evercore ISI’s price objective suggests a potential upside of 8.57% from the stock’s current price.
Several other research analysts have also issued reports on the stock. BidaskClub lowered shares of Incyte Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Barclays PLC reiterated an “overweight” rating and issued a $165.00 target price (down from $180.00) on shares of Incyte Corporation in a research report on Wednesday, August 2nd. J P Morgan Chase & Co set a $149.00 target price on shares of Incyte Corporation and gave the stock a “buy” rating in a research report on Tuesday, August 1st. Jefferies Group LLC reiterated a “buy” rating and issued a $148.00 target price on shares of Incyte Corporation in a research report on Thursday, July 27th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $172.00 target price on shares of Incyte Corporation in a research report on Friday, July 21st. Seven analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $140.16.
Incyte Corporation (NASDAQ INCY) traded down 1.61% during midday trading on Wednesday, hitting $124.34. The company had a trading volume of 1,284,419 shares. Incyte Corporation has a 52 week low of $75.52 and a 52 week high of $153.15. The firm’s market capitalization is $25.58 billion. The firm’s 50 day moving average is $130.44 and its 200-day moving average is $129.62.
Incyte Corporation (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by $0.01. The firm 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%. The company’s revenue for the quarter was up 32.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 EPS. On average, equities research analysts expect that Incyte Corporation will post ($0.89) EPS for the current fiscal year.
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In related news, insider Paul Trower sold 3,000 shares of the stock in a transaction dated Friday, August 4th. The shares were 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 directly owns 11,853 shares of the company’s stock, valued at $1,484,588.25. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David W. Gryska sold 16,756 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $116.60, for a total transaction of $1,953,749.60. Following the completion of the transaction, the chief financial officer now directly owns 35,771 shares of the company’s stock, valued at $4,170,898.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,183 shares of company stock valued at $5,976,946. 17.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in Incyte Corporation by 110.7% in the first quarter. State Street Corp now owns 7,581,684 shares of the biopharmaceutical company’s stock worth $1,013,437,000 after buying an additional 3,983,207 shares during the last quarter. Vanguard Group Inc. increased its position in Incyte Corporation by 22.7% in the first quarter. Vanguard Group Inc. now owns 15,415,857 shares of the biopharmaceutical company’s stock worth $2,060,638,000 after buying an additional 2,847,907 shares during the last quarter. Janus Henderson Group PLC increased its position in Incyte Corporation by 4,570.1% in the second quarter. Janus Henderson Group PLC now owns 1,045,363 shares of the biopharmaceutical company’s stock worth $131,622,000 after buying an additional 1,022,979 shares during the last quarter. Victory Capital Management Inc. bought a new position in Incyte Corporation during the first quarter worth about $85,751,000. Finally, Geode Capital Management LLC increased its position in Incyte Corporation by 42.0% in the first quarter. Geode Capital Management LLC now owns 1,780,064 shares of the biopharmaceutical company’s stock worth $237,618,000 after buying an additional 526,163 shares during the last quarter. 91.54% of the stock is owned by institutional investors.
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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