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.
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.
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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