Incyte (NASDAQ:INCY) Stock Rating Upgraded by BidaskClub

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BidaskClub upgraded shares of Incyte (NASDAQ:INCY) from a hold rating to a buy rating in a report released on Friday morning, BidAskClub reports.

INCY has been the topic of several other reports. Barclays downgraded Incyte from an overweight rating to an equal weight rating and lowered their price objective for the company from $90.00 to $82.00 in a research report on Friday, May 3rd. Piper Jaffray Companies reiterated a buy rating on shares of Incyte in a research report on Monday, June 17th. Stifel Nicolaus started coverage on Incyte in a research report on Wednesday, April 10th. They issued a hold rating and a $82.00 target price on the stock. Oppenheimer set a $85.00 target price on Incyte and gave the stock a hold rating in a research report on Sunday, April 7th. Finally, Credit Suisse Group started coverage on Incyte in a research report on Monday, May 20th. They issued a neutral rating and a $75.00 target price on the stock. Twelve research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $89.67.

Shares of Incyte stock opened at $80.92 on Friday. The firm has a 50-day simple moving average of $83.30. Incyte has a 52 week low of $57.00 and a 52 week high of $89.30. The stock has a market capitalization of $17.95 billion, a P/E ratio of 98.68 and a beta of 1.12. The company has a quick ratio of 5.59, a current ratio of 5.61 and a debt-to-equity ratio of 0.02.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.37. Incyte had a return on equity of 17.10% and a net margin of 15.25%. The business had revenue of $529.93 million for the quarter, compared to the consensus estimate of $498.57 million. During the same period in the previous year, the business earned $0.63 earnings per share. The business’s revenue was up 1.6% on a year-over-year basis. Analysts forecast that Incyte will post 1.98 earnings per share for the current year.

In other Incyte news, Director Jean Jacques Bienaime sold 1,724 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $85.07, for a total transaction of $146,660.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 959 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $79.91, for a total value of $76,633.69. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,040 shares of company stock worth $1,358,376. Company insiders own 17.10% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Securian Asset Management Inc grew its stake in shares of Incyte by 0.7% during the second quarter. Securian Asset Management Inc now owns 18,419 shares of the biopharmaceutical company’s stock valued at $1,565,000 after buying an additional 133 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Incyte by 1.8% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,688 shares of the biopharmaceutical company’s stock valued at $489,000 after buying an additional 135 shares during the last quarter. ETF Managers Group LLC grew its stake in shares of Incyte by 9.8% during the first quarter. ETF Managers Group LLC now owns 1,717 shares of the biopharmaceutical company’s stock valued at $148,000 after buying an additional 153 shares during the last quarter. World Asset Management Inc grew its stake in shares of Incyte by 1.5% during the second quarter. World Asset Management Inc now owns 11,545 shares of the biopharmaceutical company’s stock valued at $981,000 after buying an additional 174 shares during the last quarter. Finally, Hartford Investment Management Co. grew its stake in shares of Incyte by 1.1% during the second quarter. Hartford Investment Management Co. now owns 19,482 shares of the biopharmaceutical company’s stock valued at $1,655,000 after buying an additional 206 shares during the last quarter. 90.43% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Company Profile

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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Analyst Recommendations for Incyte (NASDAQ:INCY)

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