Incyte (NASDAQ:INCY) Receives New Coverage from Analysts at BMO Capital Markets

BMO Capital Markets began coverage on shares of Incyte (NASDAQ:INCY) in a report released on Thursday morning, BenzingaRatingsTable reports. The firm issued a market perform rating and a $85.00 target price on the biopharmaceutical company’s stock.

Several other brokerages have also recently weighed in on INCY. JMP Securities upgraded Incyte from a market perform rating to an outperform rating and set a $107.00 price target for the company in a research report on Thursday, September 5th. Credit Suisse Group initiated coverage on Incyte in a research report on Monday, May 20th. They set a neutral rating and a $75.00 price target for the company. JPMorgan Chase & Co. reiterated a buy rating and set a $91.00 price target on shares of Incyte in a research report on Wednesday, July 31st. Piper Jaffray Companies reiterated a buy rating on shares of Incyte in a research report on Monday, June 17th. Finally, BidaskClub cut Incyte from a buy rating to a hold rating in a research report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $91.30.

INCY stock traded up $0.36 during trading on Thursday, hitting $76.43. 1,096,180 shares of the company traded hands, compared to its average volume of 1,332,144. The stock’s 50-day simple moving average is $81.65 and its 200 day simple moving average is $81.81. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.61 and a quick ratio of 5.59. The company has a market cap of $16.36 billion, a PE ratio of 93.21 and a beta of 1.09. Incyte has a 1 year low of $57.00 and a 1 year high of $89.30.

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

In other news, EVP Steven H. Stein sold 8,357 shares of Incyte stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $87.96, for a total value of $735,081.72. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Barry P. Flannelly sold 959 shares of Incyte stock in a transaction that occurred on Wednesday, July 17th. The stock was 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. Insiders sold 118,540 shares of company stock worth $9,829,776 over the last ninety days. Corporate insiders own 17.10% of the company’s stock.

Several large investors have recently modified their holdings of the company. Bremer Bank National Association acquired a new stake in Incyte during the 1st quarter worth approximately $31,000. Commonwealth Bank of Australia raised its stake in shares of Incyte by 49.2% during the 2nd quarter. Commonwealth Bank of Australia now owns 376 shares of the biopharmaceutical company’s stock worth $31,000 after buying an additional 124 shares in the last quarter. Pathstone Family Office LLC purchased a new position in shares of Incyte during the 2nd quarter worth approximately $34,000. Captrust Financial Advisors purchased a new position in shares of Incyte during the 2nd quarter worth approximately $35,000. Finally, First Manhattan Co. purchased a new position in shares of Incyte during the 2nd quarter worth approximately $50,000. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

About Incyte

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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