Shares of Incyte Corporation (NASDAQ:INCY – Get Free Report) have been given an average recommendation of “Moderate Buy” by the twenty-four analysts that are presently covering the stock, Marketbeat Ratings reports. Twelve research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $124.05.
INCY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Stifel Nicolaus set a $145.00 price objective on Incyte in a research note on Tuesday, July 28th. Mizuho lifted their target price on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Royal Bank Of Canada lifted their target price on Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 29th. Finally, Leerink Partners boosted their target price on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd.
View Our Latest Stock Analysis on INCY
Incyte Stock Performance
Incyte (NASDAQ:INCY – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.Incyte’s revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the business earned $1.57 earnings per share. Research analysts predict that Incyte will post 2.64 EPS for the current fiscal year.
Insider Buying and Selling
In other Incyte news, insider Pablo Cagnoni sold 10,801 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the sale, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.
Institutional Investors Weigh In On Incyte
A number of institutional investors have recently made changes to their positions in the stock. Trails Edge Capital Partners LP acquired a new position in Incyte in the second quarter valued at $17,570,800. Twin Capital Management Inc. acquired a new stake in Incyte during the 1st quarter worth about $875,000. BlackRock Inc. bought a new stake in Incyte in the second quarter worth approximately $2,044,189,000. Northwestern Mutual Wealth Management Co. lifted its stake in Incyte by 5,218.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock valued at $58,950,000 after buying an additional 585,618 shares during the period. Finally, Sector Gamma AS lifted its stake in Incyte by 6.7% in the fourth quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock valued at $21,609,000 after buying an additional 13,669 shares during the period. Institutional investors own 96.97% of the company’s stock.
Incyte Company Profile
Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.
The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.
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