Incyte Corporation (NASDAQ:INCY)‘s stock had its “buy” rating reaffirmed by equities research analysts at J P Morgan Chase & Co in a note issued to investors on Tuesday.
A number of other research analysts have also weighed in on INCY. Cowen and Company restated an “outperform” rating and set a $130.00 price objective on shares of Incyte Corporation in a research report on Monday, July 3rd. Barclays PLC raised their price objective on Incyte Corporation from $135.00 to $185.00 and gave the company an “overweight” rating in a research report on Tuesday, July 4th. Jefferies Group LLC restated a “buy” rating and set a $165.00 price objective on shares of Incyte Corporation in a research report on Tuesday, July 4th. BidaskClub lowered Incyte Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, July 6th. Finally, Credit Suisse Group set a $152.00 price objective on Incyte Corporation and gave the company a “buy” rating in a research report on Sunday, July 16th. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $144.98.
Incyte Corporation (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported $0.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.11. Incyte Corporation had a negative return on equity of 12.91% and a negative net margin of 10.90%. The business had revenue of $381.50 million during the quarter, compared to analyst estimates of $360.34 million. During the same quarter in the prior year, the business posted $0.19 EPS. Incyte Corporation’s revenue for the quarter was up 41.6% compared to the same quarter last year.
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In related news, insider Paul Trower sold 3,000 shares of Incyte Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $125.25, for a total transaction of $375,750.00. Following the transaction, the insider now directly owns 11,853 shares of the company’s stock, valued at $1,484,588.25. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bros. Advisors Lp Baker acquired 100,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were acquired at an average cost of $132.00 per share, for a total transaction of $13,200,000.00. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 101,147 shares of company stock worth $12,615,101. 17.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. increased its holdings in Incyte Corporation by 9.9% during the second quarter. Oppenheimer Asset Management Inc. now owns 27,147 shares of the biopharmaceutical company’s stock valued at $3,418,000 after buying an additional 2,455 shares during the period. Pinebridge Investments L.P. increased its holdings in Incyte Corporation by 122.0% during the second quarter. Pinebridge Investments L.P. now owns 74,590 shares of the biopharmaceutical company’s stock valued at $9,392,000 after buying an additional 40,992 shares during the period. Calamos Advisors LLC increased its holdings in Incyte Corporation by 37.7% during the second quarter. Calamos Advisors LLC now owns 113,132 shares of the biopharmaceutical company’s stock valued at $14,244,000 after buying an additional 30,990 shares during the period. Tredje AP fonden increased its holdings in Incyte Corporation by 63.4% during the second quarter. Tredje AP fonden now owns 22,446 shares of the biopharmaceutical company’s stock valued at $2,826,000 after buying an additional 8,706 shares during the period. Finally, Inverness Counsel LLC NY purchased a new position in Incyte Corporation during the third quarter valued at approximately $330,000. 88.85% of the stock is currently owned by institutional investors.
Incyte Corporation Company Profile
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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