Incyte Corporation (NASDAQ:INCY) Rating Reiterated by BMO Capital Markets

Incyte Corporation (NASDAQ:INCY)‘s stock had its “outperform” rating reaffirmed by investment analysts at BMO Capital Markets in a report issued on Monday, September 11th. They currently have a $163.00 target price on the biopharmaceutical company’s stock, down from their prior target price of $172.00. BMO Capital Markets’ price target suggests a potential upside of 41.68% from the company’s current price.

A number of other research firms have also issued reports on INCY. Oppenheimer Holdings, Inc. reiterated a “hold” rating and set a $135.00 price objective on shares of Incyte Corporation in a research note on Thursday, August 31st. Barclays PLC reiterated an “overweight” rating and set a $165.00 price objective (down previously from $180.00) on shares of Incyte Corporation in a research note on Wednesday, August 2nd. Raymond James Financial, Inc. upgraded shares of Incyte Corporation from a “market perform” rating to an “outperform” rating and set a $159.00 price objective on the stock in a research note on Monday, September 11th. J P Morgan Chase & Co reiterated a “buy” rating and set a $149.00 price objective on shares of Incyte Corporation in a research note on Thursday, August 31st. Finally, Jefferies Group LLC restated a “buy” rating and issued a $148.00 price target on shares of Incyte Corporation in a research note on Tuesday, June 20th. Eight 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. Incyte Corporation currently has a consensus rating of “Buy” and an average target price of $142.16.

Incyte Corporation (NASDAQ INCY) opened at 115.05 on Monday. Incyte Corporation has a one year low of $83.01 and a one year high of $153.15. The company’s market cap is $23.67 billion. The company has a 50-day moving average of $126.44 and a 200 day moving average of $129.92.

Incyte Corporation (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.01). Incyte Corporation had a negative net margin of 11.77% and a negative return on equity of 21.57%. The business had revenue of $326.40 million during the quarter, compared to analysts’ expectations of $318.45 million. During the same quarter in the previous year, the business posted $0.18 EPS. The company’s quarterly revenue was up 32.5% on a year-over-year basis. Analysts anticipate that Incyte Corporation will post ($0.82) earnings per share for the current year.

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In other Incyte Corporation news, insider David W. Gryska sold 599 shares of Incyte Corporation stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $129.74, for a total transaction of $77,714.26. Following the transaction, the insider now owns 19,614 shares of the company’s stock, valued at approximately $2,544,720.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bros. Advisors Lp Baker bought 100,000 shares of the stock in a transaction on Friday, September 8th. The shares were acquired at an average cost of $132.00 per share, for a total transaction of $13,200,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 114,871 shares of company stock worth $14,393,073. Corporate insiders own 17.70% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in INCY. D. Scott Neal Inc. purchased a new position in Incyte Corporation during the 2nd quarter valued at about $103,000. Tower Research Capital LLC TRC bought a new stake in shares of Incyte Corporation in the 1st quarter valued at approximately $105,000. Cornerstone Advisors Inc. grew its stake in shares of 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 buying an additional 145 shares in the last quarter. Exane Asset Management bought a new stake in shares of Incyte Corporation in the 2nd quarter valued at approximately $126,000. Finally, Seven Eight Capital LP bought a new stake in shares of Incyte Corporation in the 2nd quarter valued at approximately $129,000. 88.91% of the stock is currently owned by institutional investors.

Incyte Corporation Company Profile

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).

Analyst Recommendations for Incyte Corporation (NASDAQ:INCY)

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