Incyte Corp. (INCY) Price Target Raised to $98.00
Incyte Corp. (NASDAQ:INCY) had its price target hoisted by investment analysts at Leerink Swann from $95.00 to $98.00 in a research report issued on Monday. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Leerink Swann’s target price points to a potential upside of 3.93% from the stock’s current price.
INCY has been the subject of a number of other research reports. RBC Capital Markets reaffirmed an “outperform” rating and set a $116.00 price target on shares of Incyte Corp. in a research report on Wednesday, September 28th. Barclays PLC upped their price target on Incyte Corp. from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, August 10th. Piper Jaffray Cos. reaffirmed a “buy” rating and set a $102.00 price target (up previously from $76.00) on shares of Incyte Corp. in a research report on Monday, August 1st. SunTrust Banks Inc. began coverage on Incyte Corp. in a research report on Friday, August 5th. They set a “buy” rating and a $105.00 price target for the company. Finally, JMP Securities reaffirmed an “outperform” rating and set a $100.00 price target on shares of Incyte Corp. in a research report on Wednesday, June 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $105.11.
Shares of Incyte Corp. (NASDAQ:INCY) traded down 0.28% on Monday, hitting $94.03. The company had a trading volume of 348,179 shares. The stock has a market capitalization of $17.68 billion, a PE ratio of 255.52 and a beta of 0.53. The firm’s 50 day moving average price is $82.94 and its 200-day moving average price is $79.80. Incyte Corp. has a 52 week low of $55.00 and a 52 week high of $128.69.
Incyte Corp. (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.20. The business earned $208 million during the quarter, compared to analyst estimates of $236.91 million. Incyte Corp. had a return on equity of 37.76% and a net margin of 7.87%. Incyte Corp.’s quarterly revenue was up 51.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.05 EPS. Analysts forecast that Incyte Corp. will post $0.20 earnings per share for the current fiscal year.
In related news, EVP Reid M. Huber sold 10,000 shares of Incyte Corp. stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $87.96, for a total transaction of $879,600.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Paula J. Swain sold 20,000 shares of Incyte Corp. stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $90.00, for a total value of $1,800,000.00. Following the transaction, the executive vice president now owns 49,248 shares in the company, valued at $4,432,320. The disclosure for this sale can be found here. 13.70% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC bought a new position in Incyte Corp. during the first quarter valued at $144,000. State Farm Mutual Automobile Insurance Co. increased its position in Incyte Corp. by 14.0% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 316,018 shares of the biopharmaceutical company’s stock valued at $22,902,000 after buying an additional 38,818 shares during the period. Rafferty Asset Management LLC increased its position in Incyte Corp. by 58.1% in the first quarter. Rafferty Asset Management LLC now owns 11,969 shares of the biopharmaceutical company’s stock valued at $867,000 after buying an additional 4,399 shares during the period. State Street Corp increased its position in Incyte Corp. by 10.2% in the first quarter. State Street Corp now owns 3,398,252 shares of the biopharmaceutical company’s stock valued at $246,259,000 after buying an additional 314,869 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Incyte Corp. by 380.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 32,372 shares of the biopharmaceutical company’s stock valued at $2,346,000 after buying an additional 25,629 shares during the period. Institutional investors own 92.32% of the company’s stock.
Incyte Corp. Company Profile
Incyte Corporation is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutics to treat medical needs, primarily in oncology. The Company focuses on the research and development program to explore the inhibition of enzymes called janus associated kinases (JAK).
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