Incyte Corp. (INCY) Given New $113.00 Price Target at Royal Bank Of Canada
Incyte Corp. (NASDAQ:INCY) had its price objective hoisted by Royal Bank Of Canada from $106.00 to $113.00 in a research report sent to investors on Wednesday. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.
INCY has been the topic of a number of other reports. Zacks Investment Research lowered Incyte Corp. from a buy rating to a hold rating in a research note on Tuesday, August 16th. RBC Capital Markets reaffirmed an outperform rating and issued a $116.00 price objective on shares of Incyte Corp. in a research note on Wednesday, September 28th. Argus lifted their price objective on Incyte Corp. from $92.00 to $98.00 and gave the stock a buy rating in a research note on Monday, September 26th. SunTrust Banks Inc. initiated coverage on Incyte Corp. in a research note on Friday, August 5th. They issued a buy rating and a $105.00 price objective on the stock. Finally, JMP Securities lifted their price objective on Incyte Corp. from $100.00 to $110.00 and gave the stock a market outperform rating in a research note on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the stock. Incyte Corp. presently has a consensus rating of Buy and a consensus target price of $105.79.
Incyte Corp. (NASDAQ:INCY) traded down 1.44% during midday trading on Wednesday, hitting $88.67. 147,109 shares of the stock traded hands. Incyte Corp. has a 12-month low of $55.00 and a 12-month high of $124.98. The firm’s 50 day moving average is $86.48 and its 200-day moving average is $81.39. The stock has a market capitalization of $16.67 billion, a PE ratio of 240.95 and a beta of 0.54.
Incyte Corp. (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.20. Incyte Corp. had a return on equity of 37.76% and a net margin of 7.87%. The firm had revenue of $208 million for the quarter, compared to analyst estimates of $236.91 million. During the same period last year, the firm posted $0.05 earnings per share. The business’s revenue for the quarter was up 51.1% on a year-over-year basis. On average, analysts anticipate that Incyte Corp. will post $0.19 EPS for the current fiscal year.
In other news, EVP Reid M. Huber sold 10,000 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $87.96, for a total transaction of $879,600.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Paula J. Swain sold 60,000 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $90.00, for a total value of $5,400,000.00. Following the transaction, 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. Insiders own 13.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in INCY. UBS Asset Management Americas Inc. raised its position in shares of Incyte Corp. by 10.7% in the first quarter. UBS Asset Management Americas Inc. now owns 1,326,579 shares of the biopharmaceutical company’s stock valued at $96,138,000 after buying an additional 127,775 shares during the period. Edmond DE Rothschild Holding S.A. raised its position in Incyte Corp. by 41.1% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 141,100 shares of the biopharmaceutical company’s stock valued at $10,226,000 after buying an additional 41,100 shares during the last quarter. Lazard Asset Management LLC bought a new position in Incyte Corp. during the first quarter valued at about $144,000. State Farm Mutual Automobile Insurance Co. raised 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 last quarter. Finally, Rafferty Asset Management LLC raised 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 last quarter. Hedge funds and other 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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