CIBC Reaffirms Market Perform Rating for Incyte Corporation (INCY)

CIBC reaffirmed their market perform rating on shares of Incyte Corporation (NASDAQ:INCY) in a research note released on Friday, May 12th. They currently have a $125.00 price target on the biopharmaceutical company’s stock.

INCY has been the subject of a number of other reports. BMO Capital Markets reissued an outperform rating and issued a $149.00 target price (up from $135.00) on shares of Incyte Corporation in a research report on Thursday, February 16th. TheStreet raised Incyte Corporation from a c rating to a b- rating in a research report on Tuesday, February 14th. Barclays PLC set a $135.00 price objective on Incyte Corporation and gave the stock a buy rating in a research report on Saturday, April 8th. Jefferies Group LLC increased their target price on Incyte Corporation from $136.00 to $140.00 and gave the stock a buy rating in a research note on Wednesday, February 15th. Finally, Royal Bank Of Canada increased their target price on Incyte Corporation from $123.00 to $138.00 and gave the stock an outperform rating in a research note on Wednesday, February 15th. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $141.93.

Shares of Incyte Corporation (NASDAQ INCY) traded down 1.93% during trading on Friday, reaching $118.05. 3,658,783 shares of the company were exchanged. Incyte Corporation has a 1-year low of $71.75 and a 1-year high of $153.15. The firm’s market capitalization is $24.17 billion. The firm’s 50 day moving average is $124.16 and its 200 day moving average is $122.87.

Incyte Corporation (NASDAQ:INCY) last released its quarterly earnings data on Thursday, May 4th. The biopharmaceutical company reported ($0.96) EPS for the quarter, beating analysts’ consensus estimates of ($0.97) by $0.01. Incyte Corporation had a negative return on equity of 20.09% and a negative net margin of 8.72%. The business had revenue of $384.08 million for the quarter, compared to the consensus estimate of $359.19 million. During the same quarter in the prior year, the business posted $0.12 EPS. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. On average, equities analysts anticipate that Incyte Corporation will post ($0.75) EPS for the current fiscal year.

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In other Incyte Corporation news, CFO David W. Gryska sold 16,756 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $116.60, for a total value of $1,953,749.60. Following the transaction, the chief financial officer now owns 35,771 shares of the company’s stock, valued at $4,170,898.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider David W. Gryska sold 41,528 shares of the company’s stock in a transaction on Monday, April 10th. The shares were sold at an average price of $138.00, for a total value of $5,730,864.00. Following the completion of the transaction, the insider now directly owns 20,754 shares in the company, valued at approximately $2,864,052. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 3,500 shares of company stock valued at $464,670 and sold 109,544 shares valued at $14,547,094. Corporate insiders own 13.70% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of INCY. Great West Life Assurance Co. Can boosted its position in Incyte Corporation by 1.8% in the third quarter. Great West Life Assurance Co. Can now owns 87,751 shares of the biopharmaceutical company’s stock valued at $8,265,000 after buying an additional 1,534 shares in the last quarter. Shell Asset Management Co. boosted its position in Incyte Corporation by 76.7% in the third quarter. Shell Asset Management Co. now owns 19,666 shares of the biopharmaceutical company’s stock valued at $1,854,000 after buying an additional 8,539 shares in the last quarter. Chicago Equity Partners LLC bought a new position in Incyte Corporation during the third quarter valued at about $857,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Incyte Corporation by 0.7% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 466,221 shares of the biopharmaceutical company’s stock valued at $43,960,000 after buying an additional 3,223 shares in the last quarter. Finally, DnB Asset Management AS increased its stake in shares of Incyte Corporation by 4.3% in the third quarter. DnB Asset Management AS now owns 14,400 shares of the biopharmaceutical company’s stock valued at $1,358,000 after buying an additional 600 shares during the period. 92.89% of the stock is currently owned by institutional investors.

About Incyte Corporation

Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).

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