BMO Capital Markets initiated coverage on shares of Incyte (NASDAQ:INCY) in a report published on Thursday, BenzingaRatingsTable reports. The firm issued a market perform rating and a $85.00 price target on the biopharmaceutical company’s stock.
Several other research firms have also weighed in on INCY. Morgan Stanley increased their price target on shares of Incyte from $82.00 to $87.00 and gave the company an equal weight rating in a research report on Thursday, September 5th. Nomura increased their target price on shares of Incyte from $100.00 to $111.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. reiterated a buy rating and set a $91.00 target price on shares of Incyte in a research report on Wednesday, July 31st. Oppenheimer upgraded shares of Incyte from a market perform rating to an outperform rating and increased their target price for the stock from $85.00 to $100.00 in a research report on Thursday, September 5th. They noted that the move was a valuation call. Finally, Credit Suisse Group started coverage on shares of Incyte in a research report on Monday, May 20th. They set a neutral rating and a $75.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $91.30.
INCY opened at $76.43 on Thursday. The firm has a market cap of $16.36 billion, a P/E ratio of 93.21 and a beta of 1.09. The firm has a 50-day moving average of $81.60 and a 200 day moving average of $81.77. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.59 and a current ratio of 5.61. Incyte has a fifty-two week low of $57.00 and a fifty-two week high of $89.30.
Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.37. The company had revenue of $529.93 million during the quarter, compared to analyst estimates of $498.57 million. Incyte had a net margin of 15.25% and a return on equity of 17.10%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.63 earnings per share. Equities research analysts predict that Incyte will post 1.98 earnings per share for the current fiscal year.
In other news, EVP Steven H. Stein sold 8,357 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $87.96, for a total value of $735,081.72. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 959 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $79.91, for a total transaction of $76,633.69. The disclosure for this sale can be found here. Over the last three months, insiders sold 116,040 shares of company stock worth $9,629,776. Insiders own 17.10% of the company’s stock.
Several institutional investors have recently made changes to their positions in INCY. Vanguard Group Inc. raised its stake in Incyte by 1.6% in the second quarter. Vanguard Group Inc. now owns 19,441,152 shares of the biopharmaceutical company’s stock valued at $1,651,720,000 after purchasing an additional 306,066 shares in the last quarter. BlackRock Inc. raised its stake in Incyte by 1.2% in the first quarter. BlackRock Inc. now owns 15,453,453 shares of the biopharmaceutical company’s stock valued at $1,329,154,000 after purchasing an additional 190,491 shares in the last quarter. Invesco Ltd. raised its stake in Incyte by 76.2% in the second quarter. Invesco Ltd. now owns 5,210,785 shares of the biopharmaceutical company’s stock valued at $442,708,000 after purchasing an additional 2,252,891 shares in the last quarter. Geode Capital Management LLC raised its stake in Incyte by 7.6% in the fourth quarter. Geode Capital Management LLC now owns 2,360,606 shares of the biopharmaceutical company’s stock valued at $149,854,000 after purchasing an additional 166,510 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in Incyte by 3,415.7% in the second quarter. Nuveen Asset Management LLC now owns 2,212,722 shares of the biopharmaceutical company’s stock valued at $187,993,000 after purchasing an additional 2,149,784 shares in the last quarter. 91.76% of the stock is currently owned by hedge funds and other institutional investors.
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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