Zacks Investment Research upgraded shares of Incyte (NASDAQ:INCY) from a hold rating to a buy rating in a report released on Thursday, Zacks.com reports. Zacks Investment Research currently has $83.00 price target on the biopharmaceutical company’s stock.
According to Zacks, “Incyte’s lead drug, Jakafi continues to maintain momentum for the company, as the underlying patient demand for the drug remains strong for both MF and PV. Incyte is working to expand the drug’s label into additional indications which should further boost sales. The FDA approval of Olumiant 2 mg, for which the company received a milestone payment from Lilly, is a positive. Shares have outperformed the industry in the past six months. However, pipeline setbacks continue to be a concern. The FDA’s extension of the review period of the sNDA for the label expansion of Jakafi to treat acute GVHD was disappointing. Earlier, Incyte suffered a setback with the failure of the phase III ECHO-301 study, evaluating epacadostat in combination with Keytruda.”
Several other research analysts have also weighed in on INCY. BidaskClub lowered shares of Incyte from a hold rating to a sell rating in a report on Tuesday, April 16th. Stifel Nicolaus assumed coverage on shares of Incyte in a report on Wednesday, April 10th. They set a hold rating and a $82.00 price objective for the company. Barclays reissued a buy rating and set a $90.00 price objective on shares of Incyte in a report on Sunday, April 14th. Royal Bank of Canada lowered shares of Incyte from an outperform rating to a sector perform rating and set a $89.00 price objective for the company. in a report on Wednesday, April 3rd. They noted that the move was a valuation call. Finally, JMP Securities restated a hold rating on shares of Incyte in a research report on Monday, February 11th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $91.82.
Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Thursday, February 14th. The biopharmaceutical company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.15. The company had revenue of $528.40 million during the quarter, compared to analyst estimates of $485.72 million. Incyte had a net margin of 5.82% and a return on equity of 6.17%. The firm’s revenue for the quarter was up 19.0% compared to the same quarter last year. During the same period last year, the business earned $0.02 EPS. Equities analysts forecast that Incyte will post 1.4 earnings per share for the current fiscal year.
In related news, EVP Barry P. Flannelly sold 1,000 shares of Incyte stock in a transaction dated Monday, January 28th. The shares were sold at an average price of $80.00, for a total value of $80,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Paula J. Swain sold 10,000 shares of Incyte stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $87.01, for a total transaction of $870,100.00. Following the completion of the sale, the executive vice president now owns 38,295 shares in the company, valued at $3,332,047.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,000 shares of company stock worth $2,628,800. Insiders own 17.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. CX Institutional lifted its position in Incyte by 1,496.7% in the 1st quarter. CX Institutional now owns 479 shares of the biopharmaceutical company’s stock valued at $41,000 after purchasing an additional 449 shares during the last quarter. Bremer Trust National Association bought a new stake in Incyte in the 4th quarter valued at about $42,000. Bronfman E.L. Rothschild L.P. lifted its position in Incyte by 46.3% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 730 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 231 shares during the last quarter. Machina Capital S.A.S. bought a new stake in Incyte in the 4th quarter valued at about $48,000. Finally, Financial Gravity Wealth Inc. bought a new stake in Incyte in the 1st quarter valued at about $51,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.
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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