Incyte (INCY) PT Raised to $95.00

Incyte (NASDAQ:INCY) had its price objective hoisted by Piper Jaffray Companies from $85.00 to $95.00 in a report published on Wednesday, The Fly reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Several other analysts have also issued reports on the company. JPMorgan Chase & Co. reissued a buy rating and set a $90.00 price target on shares of Incyte in a report on Wednesday. Barclays lowered Incyte from an overweight rating to an equal weight rating and dropped their price objective for the stock from $90.00 to $82.00 in a research note on Friday, May 3rd. BidaskClub raised Incyte from a strong sell rating to a sell rating in a research note on Friday, May 3rd. Zacks Investment Research lowered Incyte from a strong-buy rating to a hold rating in a research note on Monday, April 29th. Finally, Cowen reaffirmed a buy rating on shares of Incyte in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $92.07.

NASDAQ:INCY traded down $0.44 during mid-day trading on Wednesday, hitting $77.20. 912,599 shares of the company traded hands, compared to its average volume of 1,382,443. Incyte has a one year low of $57.00 and a one year high of $88.83. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.21 and a current ratio of 5.22. The firm has a market capitalization of $16.65 billion, a PE ratio of 94.15 and a beta of 1.31.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.29. Incyte had a return on equity of 13.28% and a net margin of 12.66%. The business had revenue of $497.86 million during the quarter, compared to analyst estimates of $488.00 million. During the same quarter in the previous year, the company posted ($0.01) earnings per share. Incyte’s revenue for the quarter was up 30.2% on a year-over-year basis. Equities analysts forecast that Incyte will post 1.78 earnings per share for the current fiscal year.

In other news, EVP Paula J. Swain sold 10,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $87.01, for a total value of $870,100.00. Following the completion of the transaction, the executive vice president now owns 38,295 shares of the company’s stock, valued at $3,332,047.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 17.10% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INCY. Norges Bank purchased a new stake in shares of Incyte in the fourth quarter worth about $186,630,000. Renaissance Technologies LLC lifted its position in shares of Incyte by 772.4% in the first quarter. Renaissance Technologies LLC now owns 841,000 shares of the biopharmaceutical company’s stock worth $72,334,000 after buying an additional 744,600 shares in the last quarter. FMR LLC lifted its position in shares of Incyte by 2,120.0% in the first quarter. FMR LLC now owns 657,610 shares of the biopharmaceutical company’s stock worth $56,561,000 after buying an additional 627,988 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Incyte by 88.2% in the fourth quarter. Two Sigma Investments LP now owns 1,211,513 shares of the biopharmaceutical company’s stock worth $77,040,000 after buying an additional 567,826 shares in the last quarter. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Incyte in the first quarter worth about $37,747,000. 92.20% of the stock is 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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