Jefferies Group LLC Reaffirms Buy Rating for Incyte Corporation (INCY)
Incyte Corporation (NASDAQ:INCY)‘s stock had its “buy” rating restated by equities researchers at Jefferies Group LLC in a research report issued to clients and investors on Friday.
INCY has been the topic of several other reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $163.00 price target (down from $172.00) on shares of Incyte Corporation in a research report on Monday, September 11th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating and set a $135.00 price target on shares of Incyte Corporation in a research report on Sunday, September 10th. Credit Suisse Group AG set a $152.00 price target on Incyte Corporation and gave the stock a “buy” rating in a research report on Sunday, July 16th. Evercore ISI assumed coverage on Incyte Corporation in a research report on Wednesday, August 16th. They set an “in-line” rating and a $135.00 price target on the stock. Finally, J P Morgan Chase & Co set a $149.00 price target on Incyte Corporation and gave the stock a “buy” rating in a research report on Tuesday, August 1st. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $143.75.
Incyte Corporation (NASDAQ:INCY) opened at 113.57 on Friday. The company’s 50-day moving average price is $121.58 and its 200 day moving average price is $127.44. The stock’s market capitalization is $23.36 billion. Incyte Corporation has a 52-week low of $83.01 and a 52-week high of $153.15.
Incyte Corporation (NASDAQ:INCY) last announced 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 company had revenue of $326.40 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 32.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. On average, equities research analysts predict that Incyte Corporation will post ($0.83) earnings per share for the current fiscal year.
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In other Incyte Corporation news, President Herve Hoppenot sold 70,502 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $119.45, for a total value of $8,421,463.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Paula J. Swain sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $140.00, for a total transaction of $2,800,000.00. Following the completion of the transaction, the executive vice president now directly owns 55,067 shares in the company, valued at $7,709,380. The disclosure for this sale can be found here. Insiders sold a total of 109,452 shares of company stock worth $13,707,134 over the last three months. Corporate insiders own 17.70% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC purchased a new position in Incyte Corporation in the 1st quarter worth approximately $105,000. D. Scott Neal Inc. purchased a new position in Incyte Corporation in the 2nd quarter worth approximately $103,000. Cornerstone Advisors Inc. lifted its stake in Incyte Corporation by 19.6% in the 2nd quarter. Cornerstone Advisors Inc. now owns 884 shares of the biopharmaceutical company’s stock worth $111,000 after purchasing an additional 145 shares in the last quarter. FNY Partners Fund LP lifted its stake in Incyte Corporation by 4,825.0% in the 1st quarter. FNY Partners Fund LP now owns 985 shares of the biopharmaceutical company’s stock worth $131,000 after purchasing an additional 965 shares in the last quarter. Finally, Exane Asset Management purchased a new position in Incyte Corporation in the 2nd quarter worth approximately $126,000. 88.91% of the stock is currently owned by institutional investors and hedge funds.
Incyte Corporation Company Profile
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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