Incyte Corporation (INCY) Earns Buy Rating from Analysts at Goldman Sachs Group, Inc. (The)
Goldman Sachs Group, Inc. (The) started coverage on shares of Incyte Corporation (NASDAQ:INCY) in a report issued on Friday, MarketBeat reports. The firm issued a buy rating and a $160.00 price target on the biopharmaceutical company’s stock.
INCY has been the topic of several other research reports. BMO Capital Markets reaffirmed an outperform rating and issued a $163.00 price target (down previously from $172.00) on shares of Incyte Corporation in a research note on Monday, September 11th. Jefferies Group LLC reaffirmed a buy rating and issued a $148.00 price target on shares of Incyte Corporation in a research note on Thursday, July 27th. Oppenheimer Holdings, Inc. reaffirmed a hold rating and issued a $135.00 price target on shares of Incyte Corporation in a research note on Sunday, September 10th. Credit Suisse Group set a $152.00 price target on shares of Incyte Corporation and gave the stock a buy rating in a research note on Sunday, July 16th. Finally, Evercore ISI began coverage on shares of Incyte Corporation in a research note on Wednesday, August 16th. They issued an in-line rating and a $135.00 price target on the stock. Seven investment 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 stock. The company currently has a consensus rating of Buy and a consensus target price of $144.84.
Incyte Corporation (NASDAQ INCY) opened at 114.70 on Friday. Incyte Corporation has a 12 month low of $83.01 and a 12 month high of $153.15. The stock’s market cap is $23.59 billion. The company’s 50 day moving average is $121.38 and its 200 day moving average is $127.20.
Incyte Corporation (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.01). The company had revenue of $326.40 million during the quarter, compared to analysts’ expectations of $318.45 million. Incyte Corporation had a negative return on equity of 21.57% and a negative net margin of 11.77%. The company’s quarterly revenue was up 32.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.18 EPS. On average, analysts anticipate that Incyte Corporation will post ($0.83) EPS for the current fiscal year.
In other Incyte Corporation news, EVP Paula J. Swain sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $140.00, for a total transaction of $2,800,000.00. Following the transaction, the executive vice president now owns 55,067 shares of the company’s stock, valued at approximately $7,709,380. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Trower sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $138.41, for a total transaction of $415,230.00. Following the transaction, the insider now directly owns 14,853 shares in the company, valued at approximately $2,055,803.73. The disclosure for this sale can be found here. Insiders have sold a total of 109,452 shares of company stock worth $13,707,134 in the last three months. Insiders own 17.70% of the company’s stock.
Institutional investors have recently modified their holdings of the company. D. Scott Neal Inc. purchased a new position in shares of Incyte Corporation in the 2nd quarter worth approximately $103,000. Tower Research Capital LLC TRC purchased a new position in shares of Incyte Corporation in the 1st quarter worth approximately $105,000. Cornerstone Advisors Inc. grew its position in shares of Incyte Corporation by 19.6% in the 2nd quarter. Cornerstone Advisors Inc. now owns 884 shares of the biopharmaceutical company’s stock worth $111,000 after buying an additional 145 shares during the last quarter. Exane Asset Management purchased a new position in shares of Incyte Corporation in the 2nd quarter worth approximately $126,000. Finally, Seven Eight Capital LP purchased a new position in shares of Incyte Corporation in the 2nd quarter worth approximately $129,000. 88.91% 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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