Zacks Investment Research upgraded shares of Incyte Corp. (NASDAQ:INCY) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $107.00 price target on the biopharmaceutical company’s stock.
According to Zacks, “Incyte's only approved product, Jakafi looks well positioned and should continue to drive top line growth. Encouraged by Jakafi’s strong performance in the first half of 2016 and the strength of clinical data underlying the drug, Incyte has once again raised Jakafi revenue expectations for 2016. Moreover, Incyte boasts an attractive pipeline, comprising quite a few interesting candidates. Incyte may gain another approved product in its portfolio in 2017 with baricitinib currently under regulatory review. We are also encouraged by Incyte’s association with several big companies like Novartis and Eli Lilly among others. The ARIAD deal is another positive as it is expected to be accretive to earnings from 2018. However, Incyte is highly dependent on a single product, Jakafi, for growth, which has inherent risks. Also, most of its pipeline candidates are in early-to-mid stages of development, which translates into a long way to approval.”
Other equities research analysts also recently issued research reports about the company. Brean Capital reiterated a buy rating on shares of Incyte Corp. in a report on Monday, June 6th. BMO Capital Markets reiterated a buy rating and set a $97.00 price target (up previously from $91.00) on shares of Incyte Corp. in a report on Tuesday, June 7th. JMP Securities reiterated an outperform rating and set a $100.00 price target on shares of Incyte Corp. in a report on Wednesday, June 15th. Goldman Sachs Group Inc. reiterated a buy rating on shares of Incyte Corp. in a report on Wednesday, June 29th. Finally, Royal Bank Of Canada started coverage on Incyte Corp. in a report on Tuesday, July 12th. They set an outperform rating and a $105.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $104.93.
Shares of Incyte Corp. (NASDAQ:INCY) opened at 97.83 on Tuesday. Incyte Corp. has a 12-month low of $55.00 and a 12-month high of $124.98. The stock’s 50 day moving average price is $85.39 and its 200-day moving average price is $80.88. The firm has a market cap of $18.39 billion, a P/E ratio of 265.84 and a beta of 0.53.
Incyte Corp. (NASDAQ:INCY) last issued its earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.20. Incyte Corp. had a return on equity of 37.76% and a net margin of 7.87%. The company had revenue of $208 million for the quarter, compared to analyst estimates of $236.91 million. During the same period in the prior year, the firm earned $0.05 earnings per share. Incyte Corp.’s revenue for the quarter was up 51.1% on a year-over-year basis. On average, analysts predict that Incyte Corp. will post $0.19 earnings per share for the current fiscal year.
In other Incyte Corp. news, EVP Reid M. Huber sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $87.96, for a total value of $879,600.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Paula J. Swain sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $90.00, for a total value of $1,800,000.00. Following the completion of the sale, the executive vice president now directly owns 49,248 shares in the company, valued at approximately $4,432,320. The disclosure for this sale can be found here. 13.70% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Pictet Asset Management Ltd. raised its position in shares of Incyte Corp. by 241.5% in the second quarter. Pictet Asset Management Ltd. now owns 760,513 shares of the biopharmaceutical company’s stock valued at $64,195,000 after buying an additional 537,800 shares during the period. Capital International Investors raised its position in shares of Incyte Corp. by 9.2% in the second quarter. Capital International Investors now owns 5,918,033 shares of the biopharmaceutical company’s stock valued at $473,324,000 after buying an additional 499,536 shares during the period. Marshall Wace LLP raised its position in shares of Incyte Corp. by 224.0% in the second quarter. Marshall Wace LLP now owns 637,663 shares of the biopharmaceutical company’s stock valued at $51,000,000 after buying an additional 440,877 shares during the period. Capital Fund Management S.A. purchased a new position in shares of Incyte Corp. during the second quarter valued at approximately $33,288,000. Finally, RTW Investments LLC purchased a new position in shares of Incyte Corp. during the first quarter valued at approximately $27,496,000. 92.32% of the stock is currently owned by hedge funds and other institutional investors.
Incyte Corp. Company Profile
Incyte Corporation is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutics to treat medical needs, primarily in oncology. The Company focuses on the research and development program to explore the inhibition of enzymes called janus associated kinases (JAK).
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