Incyte Corporation (NASDAQ:INCY – Get Free Report) shares were up 6.2% during mid-day trading on Wednesday . The stock traded as high as $98.27 and last traded at $98.00. Approximately 738,059 shares changed hands during trading, a decline of 56% from the average daily volume of 1,669,288 shares. The stock had previously closed at $92.24.
Wall Street Analyst Weigh In
Several analysts recently issued reports on INCY shares. Sanford C. Bernstein started coverage on Incyte in a report on Thursday, May 21st. They set a “market perform” rating and a $99.00 target price on the stock. Barclays reiterated an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. UBS Group dropped their target price on Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a report on Wednesday, March 25th. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Finally, Morgan Stanley set a $102.00 price objective on Incyte in a research note on Wednesday, February 11th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $104.00.
Read Our Latest Report on Incyte
Incyte Stock Up 3.3%
Incyte (NASDAQ:INCY – Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.43. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.16 earnings per share. On average, equities research analysts forecast that Incyte Corporation will post 6.74 earnings per share for the current fiscal year.
Insider Buying and Selling at Incyte
In other news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.
Hedge Funds Weigh In On Incyte
A number of large investors have recently made changes to their positions in the company. NewEdge Advisors LLC increased its stake in shares of Incyte by 55.6% during the first quarter. NewEdge Advisors LLC now owns 20,416 shares of the biopharmaceutical company’s stock worth $1,922,000 after purchasing an additional 7,292 shares during the period. Edgestream Partners L.P. increased its stake in shares of Incyte by 1,318.0% during the first quarter. Edgestream Partners L.P. now owns 157,472 shares of the biopharmaceutical company’s stock worth $14,821,000 after purchasing an additional 146,367 shares during the period. Oddo BHF Asset Management Sas increased its stake in shares of Incyte by 4.2% during the first quarter. Oddo BHF Asset Management Sas now owns 38,473 shares of the biopharmaceutical company’s stock worth $3,621,000 after purchasing an additional 1,554 shares during the period. Bull Harbor Capital LLC bought a new position in shares of Incyte during the first quarter worth approximately $1,362,000. Finally, Opal Capital LLC bought a new position in shares of Incyte during the first quarter worth approximately $232,000. 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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