Research analysts at Goldman Sachs Group, Inc. (The) initiated coverage on shares of Incyte Corporation (NASDAQ:INCY) in a research report issued to clients and investors on Friday, October 6th, MarketBeat reports. The brokerage set a “buy” rating and a $160.00 price target on the biopharmaceutical company’s stock. Goldman Sachs Group, Inc. (The)’s price target indicates a potential upside of 38.96% from the company’s previous close.
A number of other equities research analysts have also recently commented on INCY. BidaskClub cut Incyte Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Cowen and Company restated an “outperform” rating and set a $130.00 target price on shares of Incyte Corporation in a research report on Monday, July 3rd. Credit Suisse Group restated a “buy” rating on shares of Incyte Corporation in a research report on Saturday, June 10th. J P Morgan Chase & Co set a $149.00 target price on Incyte Corporation and gave the company a “buy” rating in a research report on Tuesday, August 1st. Finally, Jefferies Group LLC restated a “buy” rating and set a $148.00 target price on shares of Incyte Corporation in a research report on Tuesday, June 20th. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $144.84.
Incyte Corporation (NASDAQ:INCY) opened at 115.14 on Friday. The stock’s market capitalization is $23.68 billion. The stock has a 50 day moving average price of $119.41 and a 200 day moving average price of $125.70. Incyte Corporation has a 12 month low of $83.01 and a 12 month high of $153.15.
Incyte Corporation (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Incyte Corporation had a negative return on equity of 21.57% and a negative net margin of 11.77%. The company had revenue of $326.40 million for the quarter, compared to analyst estimates of $318.45 million. During the same period in the prior year, the business posted $0.18 earnings per share. Incyte Corporation’s revenue for the quarter was up 32.5% on a year-over-year basis. Equities analysts predict that Incyte Corporation will post ($0.81) EPS for the current fiscal year.
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In other news, EVP Eric H. Siegel sold 1,820 shares of Incyte Corporation stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $132.92, for a total transaction of $241,914.40. Following the sale, the executive vice president now owns 23,553 shares of the company’s stock, valued at approximately $3,130,664.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Steven H. Stein sold 2,111 shares of Incyte Corporation stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $125.00, for a total transaction of $263,875.00. Following the sale, the executive vice president now directly owns 18,687 shares in the company, valued at approximately $2,335,875. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 102,967 shares of company stock worth $12,857,016. Corporate insiders own 17.70% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC acquired a new stake in Incyte Corporation in the 1st quarter valued at approximately $105,000. D. Scott Neal Inc. acquired a new stake in Incyte Corporation in the 2nd quarter valued at approximately $103,000. Cornerstone Advisors Inc. increased its holdings in Incyte Corporation by 19.6% in the 2nd quarter. Cornerstone Advisors Inc. now owns 884 shares of the biopharmaceutical company’s stock valued at $111,000 after purchasing an additional 145 shares during the last quarter. FNY Partners Fund LP increased its holdings in Incyte Corporation by 4,825.0% in the 1st quarter. FNY Partners Fund LP now owns 985 shares of the biopharmaceutical company’s stock valued at $131,000 after purchasing an additional 965 shares during the last quarter. Finally, Exane Asset Management acquired a new stake in Incyte Corporation in the 2nd quarter valued at approximately $126,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.
About Incyte Corporation
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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