Incyte Corporation’s (INCY) Buy Rating Reaffirmed at J P Morgan Chase & Co
J P Morgan Chase & Co reaffirmed their buy rating on shares of Incyte Corporation (NASDAQ:INCY) in a research report report published on Thursday. The brokerage currently has a $149.00 price objective on the biopharmaceutical company’s stock.
A number of other equities research analysts also recently weighed in on INCY. BidaskClub downgraded shares of Incyte Corporation from a buy rating to a hold rating in a research report on Friday, August 4th. Evercore ISI began coverage on shares of Incyte Corporation in a research report on Wednesday, August 16th. They issued an in-line rating and a $135.00 price target for the company. Credit Suisse Group reiterated a buy rating on shares of Incyte Corporation in a research report on Saturday, June 10th. Cowen and Company reiterated an outperform rating and issued a $130.00 price target on shares of Incyte Corporation in a research report on Monday, July 3rd. Finally, Barclays PLC reiterated an overweight rating and issued a $165.00 price target (down from $180.00) on shares of Incyte Corporation in a research report on Wednesday, August 2nd. Eight research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $140.16.
Incyte Corporation (NASDAQ INCY) opened at 138.03 on Thursday. The firm’s market capitalization is $28.39 billion. The stock has a 50 day moving average price of $129.15 and a 200-day moving average price of $130.00. Incyte Corporation has a one year low of $77.58 and a one year high of $153.15.
Incyte Corporation (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by $0.01. Incyte Corporation had a negative net margin of 11.77% and a negative return on equity of 21.57%. The business had revenue of $326.40 million during the quarter, compared to analyst estimates of $318.45 million. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The firm’s quarterly revenue was up 32.5% on a year-over-year basis. On average, equities analysts forecast that Incyte Corporation will post ($0.86) earnings per share for the current year.
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In other Incyte Corporation news, CFO David W. Gryska sold 16,756 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $116.60, for a total transaction of $1,953,749.60. Following the sale, the chief financial officer now owns 35,771 shares of the company’s stock, valued at $4,170,898.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Steven H. Stein sold 2,111 shares of the business’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $125.00, for a total transaction of $263,875.00. Following the sale, the executive vice president now directly owns 18,687 shares in the company, valued at approximately $2,335,875. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,474 shares of company stock worth $5,606,721. Insiders own 17.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. D. Scott Neal Inc. bought a new stake in shares of Incyte Corporation in the second quarter worth $103,000. Tower Research Capital LLC TRC bought a new stake in shares of Incyte Corporation in the first quarter worth $105,000. Cornerstone Advisors Inc. grew its stake in shares of Incyte Corporation by 19.6% in the second quarter. Cornerstone Advisors Inc. now owns 884 shares of the biopharmaceutical company’s stock worth $111,000 after purchasing an additional 145 shares during the last quarter. Exane Asset Management bought a new stake in shares of Incyte Corporation in the second quarter worth $126,000. Finally, Seven Eight Capital LP bought a new stake in shares of Incyte Corporation in the second quarter worth $129,000. 91.06% of the stock is currently owned by hedge funds and other institutional investors.
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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