Incyte Corporation (NASDAQ:INCY – Get Free Report) has been given an average recommendation of “Hold” by the twenty-three ratings firms that are presently covering the company, MarketBeat.com reports. Thirteen research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $121.65.
Several equities analysts have recently issued reports on the stock. UBS Group lifted their price objective on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Oppenheimer reissued a “market perform” rating and set a $120.00 target price on shares of Incyte in a research note on Tuesday, July 28th. Guggenheim raised their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Mizuho lifted their price target on shares of Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $104.00 price target on shares of Incyte in a report on Thursday.
View Our Latest Report on INCY
Incyte Stock Up 2.8%
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 the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the business earned $1.57 earnings per share. Incyte’s revenue for the quarter was up 37.7% compared to the same quarter last year. Sell-side analysts expect that Incyte will post 2.64 EPS for the current year.
Insider Buying and Selling at Incyte
In other news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Incyte
Institutional investors and hedge funds have recently modified their holdings of the stock. Fiduciary Financial Advisors acquired a new stake in Incyte during the 2nd quarter worth about $26,000. Elyxium Wealth LLC acquired a new position in shares of Incyte in the fourth quarter worth about $28,000. Smithfield Trust Co boosted its holdings in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 162 shares during the period. MUFG Securities EMEA plc purchased a new position in shares of Incyte in the second quarter worth approximately $32,000. Finally, CYBER HORNET ETFs LLC purchased a new position in shares of Incyte in the second quarter worth approximately $33,000. 96.97% of the stock is owned by institutional investors and hedge funds.
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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