Incyte Co. (INCY) Price Target Cut to $145.00 by Analysts at SunTrust Banks, Inc.
Incyte Co. (NASDAQ:INCY) had its target price reduced by SunTrust Banks, Inc. from $160.00 to $145.00 in a research report issued to clients and investors on Wednesday. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. SunTrust Banks, Inc.’s price target would suggest a potential upside of 17.78% from the stock’s previous close.
Several other analysts have also recently issued reports on INCY. Raymond James Financial, Inc. cut shares of Incyte from an “outperform” rating to a “hold” rating in a research note on Thursday, April 6th. Zacks Investment Research raised shares of Incyte from a “sell” rating to a “hold” rating in a research note on Tuesday. Gabelli began coverage on shares of Incyte in a research note on Monday, April 10th. They set a “buy” rating and a $185.00 price objective for the company. BMO Capital Markets reissued an “outperform” rating and set a $149.00 price objective (up from $135.00) on shares of Incyte in a research note on Thursday, February 16th. Finally, Barclays PLC lowered their price objective on shares of Incyte from $185.00 to $180.00 and set an “overweight” rating for the company in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $139.40.
Incyte (NASDAQ:INCY) traded down 1.15% during midday trading on Wednesday, hitting $123.11. The stock had a trading volume of 2,034,400 shares. The firm has a market cap of $23.32 billion, a P/E ratio of 227.98 and a beta of 0.78. Incyte has a 12-month low of $68.03 and a 12-month high of $153.15. The stock has a 50-day moving average price of $139.05 and a 200 day moving average price of $114.33.
Incyte (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 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, equities analysts anticipate that Incyte will post $0.18 earnings per share for the current fiscal year.
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In other news, EVP Steven H. Stein sold 32,000 shares of the company’s stock in a transaction dated Friday, April 7th. The shares were sold at an average price of $137.88, for a total value of $4,412,160.00. Following the sale, the executive vice president now owns 41,648 shares in the company, valued at approximately $5,742,426.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul A. Friedman sold 50,000 shares of the company’s stock in a transaction dated Friday, March 17th. The shares were sold at an average price of $148.72, for a total transaction of $7,436,000.00. Following the completion of the sale, the director now owns 302,976 shares in the company, valued at approximately $45,058,590.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 127,571 shares of company stock worth $18,145,772. Company insiders own 13.70% of the company’s stock.
Large investors have recently modified their holdings of the stock. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Incyte by 1.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,322 shares of the biopharmaceutical company’s stock worth $133,000 after buying an additional 22 shares during the period. Seven Bridges Advisors LLC raised its stake in shares of Incyte by 27.1% in the third quarter. Seven Bridges Advisors LLC now owns 1,867 shares of the biopharmaceutical company’s stock worth $176,000 after buying an additional 398 shares during the period. Douglass Winthrop Advisors LLC bought a new stake in shares of Incyte during the first quarter worth about $201,000. Pinnacle Associates Ltd. bought a new stake in shares of Incyte during the fourth quarter worth about $212,000. Finally, IFM Investors Pty Ltd bought a new stake in shares of Incyte during the fourth quarter worth about $214,000. Institutional investors and hedge funds own 92.62% of the company’s stock.
Incyte 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).
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