Jefferies Group LLC Reaffirms “Buy” Rating for Incyte Corporation (NASDAQ:INCY)
Jefferies Group LLC reaffirmed their buy rating on shares of Incyte Corporation (NASDAQ:INCY) in a research note issued to investors on Thursday. They currently have a $148.00 price objective on the biopharmaceutical company’s stock.
INCY has been the subject of a number of other reports. Oppenheimer Holdings, Inc. set a $125.00 price target on Incyte Corporation and gave the company a hold rating in a research note on Thursday, May 18th. BMO Capital Markets increased their price target on Incyte Corporation from $144.00 to $146.00 and gave the company an outperform rating in a research note on Friday, May 5th. TheStreet cut Incyte Corporation from a b- rating to a c+ rating in a research note on Monday, April 17th. Credit Suisse Group set a $167.00 price target on Incyte Corporation and gave the company a buy rating in a research note on Wednesday, April 19th. Finally, J P Morgan Chase & Co set a $149.00 price target on Incyte Corporation and gave the company a buy rating in a research note on Thursday, May 18th. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Incyte Corporation has a consensus rating of Buy and a consensus price target of $141.30.
Shares of Incyte Corporation (NASDAQ INCY) traded down 1.80% during trading on Thursday, reaching $133.29. The company’s stock had a trading volume of 1,207,848 shares. The stock’s market capitalization is $27.29 billion. The firm’s 50-day moving average is $129.47 and its 200-day moving average is $128.67. Incyte Corporation has a 12-month low of $75.52 and a 12-month high of $153.15.
Incyte Corporation (NASDAQ:INCY) last released its quarterly earnings results on Thursday, May 4th. The biopharmaceutical company reported ($0.96) EPS for the quarter, beating analysts’ consensus estimates of ($0.97) by $0.01. Incyte Corporation had a negative return on equity of 20.09% and a negative net margin of 8.72%. The company had revenue of $384.08 million during the quarter, compared to analysts’ expectations of $359.19 million. During the same period last year, the business posted $0.12 earnings per share. The firm’s revenue was up 45.8% compared to the same quarter last year. Equities analysts expect that Incyte Corporation will post ($0.74) earnings per share for the current year.
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In other news, Director Jean Jacques Bienaime purchased 500 shares of the stock in a transaction dated Monday, May 15th. The shares were purchased at an average cost of $115.00 per share, with a total value of $57,500.00. Following the completion of the purchase, the director now directly owns 4,177 shares of the company’s stock, valued at approximately $480,355. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO David W. Gryska sold 16,756 shares of Incyte Corporation stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $116.60, for a total value of $1,953,749.60. Following the completion of the sale, the chief financial officer now directly owns 35,771 shares in the company, valued at $4,170,898.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,940 shares of company stock worth $6,381,746. 17.70% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of INCY. State Street Corp raised its stake in shares of Incyte Corporation by 110.7% in the first quarter. State Street Corp now owns 7,581,684 shares of the biopharmaceutical company’s stock worth $1,013,437,000 after buying an additional 3,983,207 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Incyte Corporation by 22.7% in the first quarter. Vanguard Group Inc. now owns 15,415,857 shares of the biopharmaceutical company’s stock worth $2,060,638,000 after buying an additional 2,847,907 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Incyte Corporation during the first quarter worth about $85,751,000. Geode Capital Management LLC raised its stake in shares of Incyte Corporation by 42.0% in the first quarter. Geode Capital Management LLC now owns 1,780,064 shares of the biopharmaceutical company’s stock worth $237,618,000 after buying an additional 526,163 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Incyte Corporation by 117.6% in the first quarter. Morgan Stanley now owns 776,654 shares of the biopharmaceutical company’s stock worth $103,815,000 after buying an additional 419,732 shares in the last quarter. 92.33% of the stock is currently owned by hedge funds and other institutional investors.
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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