Incyte Corporation (INCY) Receives Consensus Recommendation of “Buy” from Analysts
Incyte Corporation (NASDAQ:INCY) has earned an average rating of “Buy” from the twenty-seven analysts that are currently covering the firm, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation, eighteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $144.93.
Several analysts have recently weighed in on INCY shares. Oppenheimer Holdings, Inc. restated a “hold” rating and set a $135.00 price objective on shares of Incyte Corporation in a research report on Thursday, August 31st. BMO Capital Markets restated a “buy” rating and set a $172.00 price objective on shares of Incyte Corporation in a research report on Friday, July 21st. Barclays PLC restated an “overweight” rating and set a $165.00 price objective (down previously from $180.00) on shares of Incyte Corporation in a research report on Wednesday, August 2nd. Royal Bank Of Canada started coverage on shares of Incyte Corporation in a research report on Thursday, September 14th. They set a “sector perform” rating and a $136.00 price objective for the company. Finally, Raymond James Financial, Inc. upgraded shares of Incyte Corporation from a “market perform” rating to an “outperform” rating and set a $159.00 price objective for the company in a research report on Monday, September 11th.
In other news, Director Bros. Advisors Lp Baker acquired 100,000 shares of the company’s stock in a transaction on Friday, September 8th. The shares were bought at an average cost of $132.00 per share, with a total value of $13,200,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 6,485 shares of the business’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $131.09, for a total transaction of $850,118.65. Following the completion of the transaction, the executive vice president now directly owns 19,356 shares in the company, valued at $2,537,378.04. 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. 17.70% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC acquired a new position in Incyte Corporation in the 1st quarter valued at $105,000. D. Scott Neal Inc. acquired a new position in Incyte Corporation in the 2nd quarter valued at $103,000. Cornerstone Advisors Inc. increased 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 valued at $111,000 after buying an additional 145 shares during the period. FNY Partners Fund LP increased 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 valued at $131,000 after buying an additional 965 shares during the period. Finally, Exane Asset Management acquired a new position in Incyte Corporation in the 2nd quarter valued at $126,000. 88.91% of the stock is currently owned by institutional investors.
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Shares of Incyte Corporation (INCY) traded down 2.3303% on Wednesday, reaching $112.0955. 913,837 shares of the company’s stock were exchanged. The firm’s market capitalization is $23.61 billion. Incyte Corporation has a one year low of $83.01 and a one year high of $153.15. The firm has a 50 day moving average of $121.00 and a 200 day moving average of $126.64.
Incyte Corporation (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Incyte Corporation had a negative return on equity of 21.57% and a negative net margin of 11.77%. The firm had revenue of $326.40 million during the quarter, compared to analysts’ expectations of $318.45 million. During the same quarter in the prior year, the firm earned $0.18 EPS. The firm’s revenue was up 32.5% compared to the same quarter last year. On average, equities research analysts predict that Incyte Corporation will post ($0.82) EPS for the current year.
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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