Royal Bank Of Canada Increases Incyte Corporation (INCY) Price Target to $138.00

Incyte Corporation (NASDAQ:INCY) had its target price hoisted by Royal Bank Of Canada from $123.00 to $138.00 in a research report issued on Wednesday. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 11.90% from the company’s previous close.

Several other analysts have also recently issued reports on the stock. Goldman Sachs Group, Inc. (The) boosted their price objective on shares of Incyte Corporation from $116.00 to $149.00 and gave the company a “buy” rating in a research note on Friday, January 27th. Vetr raised shares of Incyte Corporation from a “buy” rating to a “strong-buy” rating and set a $133.50 price objective for the company in a research note on Monday, January 30th. JMP Securities reissued an “outperform” rating and set a $130.00 price objective on shares of Incyte Corporation in a research note on Wednesday, January 18th. BMO Capital Markets reissued an “outperform” rating and set a $126.00 price objective (up from $121.00) on shares of Incyte Corporation in a research note on Saturday, November 19th. Finally, Zacks Investment Research cut shares of Incyte Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, November 29th. Two equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $118.19.

Analyst Recommendations for Incyte Corporation (NASDAQ:INCY)

Shares of Incyte Corporation (NASDAQ:INCY) opened at 123.32 on Wednesday. The firm has a 50-day moving average price of $115.58 and a 200-day moving average price of $97.54. Incyte Corporation has a 1-year low of $60.30 and a 1-year high of $125.49. The firm has a market capitalization of $23.23 billion, a PE ratio of 165.75 and a beta of 0.78.

Incyte Corporation (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 14th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.09. Incyte Corporation had a net margin of 14.71% and a return on equity of 50.38%. The company had revenue of $326 million for the quarter, compared to analysts’ expectations of $324.90 million. During the same period in the prior year, the firm earned $0.29 earnings per share. The firm’s quarterly revenue was up 33.9% on a year-over-year basis. On average, analysts forecast that Incyte Corporation will post $0.62 EPS for the current fiscal year.

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In related news, EVP Reid M. Huber sold 11,739 shares of the stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $113.55, for a total transaction of $1,332,963.45. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 13.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement Association of Colorado boosted its position in Incyte Corporation by 0.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 36,740 shares of the biopharmaceutical company’s stock valued at $2,938,000 after buying an additional 206 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in Incyte Corporation by 0.9% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 11,453 shares of the biopharmaceutical company’s stock valued at $916,000 after buying an additional 97 shares during the period. Concert Wealth Management Inc. purchased a new position in Incyte Corporation during the second quarter valued at approximately $218,000. Frontier Capital Management Co. LLC boosted its position in Incyte Corporation by 64.7% in the second quarter. Frontier Capital Management Co. LLC now owns 810,408 shares of the biopharmaceutical company’s stock valued at $64,816,000 after buying an additional 318,495 shares during the period. Finally, Mariner Investment Group LLC boosted its position in Incyte Corporation by 38.9% in the second quarter. Mariner Investment Group LLC now owns 44,300 shares of the biopharmaceutical company’s stock valued at $3,543,000 after buying an additional 12,400 shares during the period. Hedge funds and other institutional investors own 92.62% of the company’s stock.

About Incyte Corporation

Incyte Corporation is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutics to treat medical needs, primarily in oncology. The Company focuses on the research and development program to explore the inhibition of enzymes called janus associated kinases (JAK).

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