Oppenheimer Trims Incyte (NASDAQ:INCY) Target Price to $98.00

Incyte (NASDAQ:INCYGet Rating) had its price objective trimmed by Oppenheimer from $109.00 to $98.00 in a research note released on Wednesday, The Fly reports.

A number of other research analysts also recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Incyte from $75.00 to $77.00 in a research report on Tuesday, May 3rd. Guggenheim downgraded shares of Incyte from a buy rating to a neutral rating in a research report on Wednesday. SVB Leerink upped their target price on shares of Incyte from $58.00 to $63.00 and gave the company an underperform rating in a research report on Wednesday, July 20th. TheStreet downgraded shares of Incyte from a b rating to a c rating in a research report on Tuesday, May 3rd. Finally, Wells Fargo & Company started coverage on shares of Incyte in a research report on Thursday, July 28th. They issued an equal weight rating and a $76.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $84.92.

Incyte Stock Up 0.3 %

Shares of NASDAQ INCY opened at $72.16 on Wednesday. The firm’s 50-day simple moving average is $76.16 and its 200 day simple moving average is $75.21. The company has a market cap of $16.05 billion, a price-to-earnings ratio of 16.98, a price-to-earnings-growth ratio of 1.23 and a beta of 0.64. The company has a quick ratio of 3.67, a current ratio of 3.91 and a debt-to-equity ratio of 0.01. Incyte has a 12-month low of $61.91 and a 12-month high of $84.86.

Incyte (NASDAQ:INCYGet Rating) last released its earnings results on Tuesday, August 2nd. The biopharmaceutical company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.22. Incyte had a net margin of 28.46% and a return on equity of 13.02%. The company had revenue of $911.40 million for the quarter, compared to the consensus estimate of $818.25 million. During the same period in the prior year, the company posted $0.65 EPS. The company’s revenue was up 29.1% compared to the same quarter last year. On average, research analysts expect that Incyte will post 2.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Thomas Tray sold 1,564 shares of the stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $83.13, for a total transaction of $130,015.32. Following the completion of the sale, the insider now directly owns 17,702 shares of the company’s stock, valued at approximately $1,471,567.26. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Thomas Tray sold 1,564 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $83.13, for a total transaction of $130,015.32. Following the completion of the transaction, the insider now directly owns 17,702 shares of the company’s stock, valued at approximately $1,471,567.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Vijay K. Iyengar sold 5,787 shares of the firm’s stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $79.38, for a total transaction of $459,372.06. Following the transaction, the executive vice president now directly owns 40,313 shares of the company’s stock, valued at $3,200,045.94. The disclosure for this sale can be found here. 15.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System grew its stake in shares of Incyte by 5.4% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 236,457 shares of the biopharmaceutical company’s stock worth $17,964,000 after acquiring an additional 12,107 shares in the last quarter. AMG National Trust Bank boosted its holdings in shares of Incyte by 8.6% in the 2nd quarter. AMG National Trust Bank now owns 11,447 shares of the biopharmaceutical company’s stock valued at $870,000 after buying an additional 906 shares during the last quarter. MQS Management LLC acquired a new stake in shares of Incyte in the 2nd quarter valued at approximately $300,000. M&T Bank Corp boosted its holdings in shares of Incyte by 19.2% in the 2nd quarter. M&T Bank Corp now owns 11,650 shares of the biopharmaceutical company’s stock valued at $817,000 after buying an additional 1,875 shares during the last quarter. Finally, Sector Gamma AS boosted its holdings in shares of Incyte by 3.9% in the 2nd quarter. Sector Gamma AS now owns 459,429 shares of the biopharmaceutical company’s stock valued at $34,903,000 after buying an additional 17,417 shares during the last quarter. 92.78% of the stock is owned by institutional investors.

Incyte Company Profile

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Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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