Incyte Corporation (NASDAQ:INCY)‘s stock had its “buy” rating reissued by research analysts at Jefferies Group LLC in a research note issued to investors on Tuesday. They presently have a $148.00 target price on the biopharmaceutical company’s stock. Jefferies Group LLC’s price objective indicates a potential upside of 21.03% from the company’s previous close.
Several other brokerages also recently weighed in on INCY. Zacks Investment Research downgraded Incyte Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, April 5th. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $124.00 target price on shares of Incyte Corporation in a research note on Monday, April 17th. Raymond James Financial, Inc. reaffirmed a “hold” rating on shares of Incyte Corporation in a research note on Monday, April 17th. William Blair assumed coverage on Incyte Corporation in a research note on Tuesday, March 21st. They set an “outperform” rating on the stock. Finally, Barclays PLC set a $135.00 target price on Incyte Corporation and gave the company a “buy” rating in a research note on Saturday, April 8th. Five 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 stock currently has an average rating of “Buy” and a consensus target price of $141.93.
Shares of Incyte Corporation (INCY) traded up 2.834% during midday trading on Tuesday, reaching $125.745. The company’s stock had a trading volume of 1,122,397 shares. The firm’s market capitalization is $25.75 billion. The company’s 50-day moving average price is $124.10 and its 200 day moving average price is $123.32. Incyte Corporation has a 1-year low of $71.75 and a 1-year high of $153.15.
Incyte Corporation (NASDAQ:INCY) last announced its earnings results on Thursday, May 4th. The biopharmaceutical company reported ($0.96) earnings per share for the quarter, beating the consensus estimate of ($0.97) by $0.01. The firm had revenue of $384.08 million for the quarter, compared to the consensus estimate of $359.19 million. Incyte Corporation had a negative return on equity of 20.09% and a negative net margin of 8.72%. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.12 EPS. On average, equities research analysts forecast that Incyte Corporation will post ($0.75) earnings per share for the current year.
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In related news, Director Jean Jacques Bienaime bought 500 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were acquired at an average cost of $115.00 per share, for a total transaction of $57,500.00. Following the acquisition, the director now directly owns 4,177 shares of the company’s stock, valued at approximately $480,355. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 32,000 shares of Incyte Corporation stock in a transaction on Friday, April 7th. The stock was sold at an average price of $137.88, for a total value of $4,412,160.00. Following the completion of the transaction, the executive vice president now owns 41,648 shares in the company, valued at $5,742,426.24. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 3,500 shares of company stock worth $464,670 and sold 109,544 shares worth $14,547,094. Insiders own 13.70% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp increased its position in shares of Incyte Corporation by 110.7% in the first quarter. State Street Corp now owns 7,581,684 shares of the biopharmaceutical company’s stock worth $1,013,437,000 after buying an additional 3,983,207 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Incyte Corporation by 22.7% in the first quarter. Vanguard Group Inc. now owns 15,415,857 shares of the biopharmaceutical company’s stock worth $2,060,638,000 after buying an additional 2,847,907 shares in the last quarter. Norges Bank acquired a new position in shares of Incyte Corporation during the fourth quarter worth $180,561,000. Victory Capital Management Inc. acquired a new position in shares of Incyte Corporation during the first quarter worth $85,751,000. Finally, Geode Capital Management LLC increased its position in shares of Incyte Corporation by 42.0% in the first quarter. Geode Capital Management LLC now owns 1,780,064 shares of the biopharmaceutical company’s stock worth $237,618,000 after buying an additional 526,163 shares in the last quarter. Institutional investors and hedge funds own 92.79% of the company’s stock.
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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