Incyte Corp. (INCY) Price Target Increased to $121.00 by Analysts at BMO Capital Markets
Incyte Corp. (NASDAQ:INCY) had its price objective raised by research analysts at BMO Capital Markets to $121.00 in a note issued to investors on Friday. BMO Capital Markets’ price target points to a potential upside of 27.66% from the company’s previous close.
A number of other brokerages have also recently weighed in on INCY. Piper Jaffray Cos. set a $102.00 price target on shares of Incyte Corp. and gave the company a “buy” rating in a research report on Tuesday, August 16th. Zacks Investment Research raised shares of Incyte Corp. from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a research report on Tuesday, July 19th. Leerink Swann boosted their price target on shares of Incyte Corp. from $95.00 to $98.00 and gave the company an “outperform” rating in a research report on Monday. Jefferies Group restated a “buy” rating and issued a $98.00 price objective on shares of Incyte Corp. in a research note on Wednesday, August 10th. Finally, Raymond James Financial Inc. upgraded shares of Incyte Corp. from a “market perform” rating to an “outperform” rating and set a $115.00 price objective on the stock in a research note on Thursday, September 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $104.93.
Incyte Corp. (NASDAQ:INCY) traded up 1.57% during trading on Friday, hitting $96.27. The stock had a trading volume of 1,587,669 shares. The firm has a market cap of $18.10 billion, a PE ratio of 261.60 and a beta of 0.54. Incyte Corp. has a 52-week low of $55.00 and a 52-week high of $124.98. The company’s 50 day moving average is $84.77 and its 200 day moving average is $80.67.
Incyte Corp. (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.20. Incyte Corp. had a net margin of 7.87% and a return on equity of 37.76%. The firm earned $208 million during the quarter, compared to analysts’ expectations of $236.91 million. During the same period in the previous year, the company earned $0.05 earnings per share. Incyte Corp.’s quarterly revenue was up 51.1% compared to the same quarter last year. Equities research analysts forecast that Incyte Corp. will post $0.19 earnings per share for the current year.
In related news, EVP Paula J. Swain sold 60,000 shares of the business’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $90.00, for a total transaction of $5,400,000.00. Following the sale, the executive vice president now owns 89,248 shares of the company’s stock, valued at $8,032,320. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Paula J. Swain sold 20,000 shares of the company’s stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $90.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the executive vice president now directly owns 49,248 shares in the company, valued at approximately $4,432,320. The disclosure for this sale can be found here. Corporate insiders own 13.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Incyte Corp. during the second quarter valued at about $104,000. Acrospire Investment Management LLC increased its stake 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 valued at $104,000 after buying an additional 200 shares during the period. Seven Eight Capital LLC acquired a new stake in shares of Incyte Corp. during the first quarter valued at about $113,000. Walleye Trading LLC acquired a new stake in shares of Incyte Corp. during the second quarter valued at about $120,000. Finally, Fifth Third Bancorp increased its stake 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 valued at $134,000 after buying an additional 234 shares during the period. 92.32% of the stock is currently owned by institutional investors.
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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