Incyte Corp. (INCY) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Incyte Corp. (NASDAQ:INCY) from a hold rating to a buy rating in a report released on Tuesday. The firm currently has $107.00 price objective on the biopharmaceutical company’s stock.
According to Zacks, “Incyte's only approved product, Jakafi looks well positioned and should continue to drive top line growth. Encouraged by Jakafi’s strong performance in the first half of 2016 and the strength of clinical data underlying the drug, Incyte has once again raised Jakafi revenue expectations for 2016. Moreover, Incyte boasts an attractive pipeline, comprising quite a few interesting candidates. Incyte may gain another approved product in its portfolio in 2017 with baricitinib currently under regulatory review. We are also encouraged by Incyte’s association with several big companies like Novartis and Eli Lilly among others. The ARIAD deal is another positive as it is expected to be accretive to earnings from 2018. However, Incyte is highly dependent on a single product, Jakafi, for growth, which has inherent risks. Also, most of its pipeline candidates are in early-to-mid stages of development, which translates into a long way to approval.”
INCY has been the topic of a number of other research reports. Leerink Swann boosted their target price on shares of Incyte Corp. from $95.00 to $98.00 and gave the stock an outperform rating in a research note on Monday. Piper Jaffray Cos. set a $99.00 target price on shares of Incyte Corp. and gave the stock a buy rating in a research note on Wednesday, September 28th. JPMorgan Chase & Co. reaffirmed a buy rating on shares of Incyte Corp. in a research note on Wednesday, September 28th. Raymond James Financial Inc. raised shares of Incyte Corp. from a market perform rating to an outperform rating and set a $115.00 target price on the stock in a research note on Thursday, September 29th. Finally, RBC Capital Markets reaffirmed an outperform rating and set a $116.00 target price on shares of Incyte Corp. in a research note on Wednesday, September 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-two have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $105.70.
Incyte Corp. (NASDAQ:INCY) traded up 1.02% during mid-day trading on Tuesday, hitting $95.13. 379,315 shares of the company were exchanged. The company has a market capitalization of $17.88 billion, a P/E ratio of 258.51 and a beta of 0.54. The company’s 50-day moving average is $83.74 and its 200 day moving average is $80.46. Incyte Corp. has a 12-month low of $55.00 and a 12-month high of $124.98.
Incyte Corp. (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.20. The business had revenue of $208 million for the quarter, compared to analysts’ expectations of $236.91 million. Incyte Corp. had a net margin of 7.87% and a return on equity of 37.76%. The firm’s quarterly revenue was up 51.1% compared to the same quarter last year. During the same period last year, the firm posted $0.05 earnings per share. Analysts expect that Incyte Corp. will post $0.20 EPS for the current year.
In other Incyte Corp. news, EVP Paula J. Swain sold 20,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 49,248 shares in the company, valued at approximately $4,432,320. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Paula J. Swain sold 60,000 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $90.00, for a total transaction of $5,400,000.00. Following the completion of the sale, the executive vice president now owns 89,248 shares in the company, valued at $8,032,320. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the company. Fuller & Thaler Asset Management Inc. bought a new position in shares of Incyte Corp. during the second quarter worth approximately $104,000. Acrospire Investment Management LLC raised its position in shares of Incyte Corp. by 18.2% in the second quarter. Acrospire Investment Management LLC now owns 1,300 shares of the biopharmaceutical company’s stock worth $104,000 after buying an additional 200 shares during the last quarter. Seven Eight Capital LLC bought a new position in shares of Incyte Corp. during the first quarter worth approximately $113,000. Walleye Trading LLC bought a new position in shares of Incyte Corp. during the second quarter worth approximately $120,000. Finally, Fifth Third Bancorp raised its position in shares of Incyte Corp. by 16.2% in the second quarter. Fifth Third Bancorp now owns 1,678 shares of the biopharmaceutical company’s stock worth $134,000 after buying an additional 234 shares during the last quarter. Institutional investors and hedge funds 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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