Incyte Corp. (NASDAQ:INCY) shot up 3.3% during mid-day trading on Wednesday . The company traded as high as $83.45 and last traded at $82.33, with a volume of 460,361 shares. The stock had previously closed at $79.71.

Several research analysts have commented on the stock. Cowen and Company reissued a “buy” rating on shares of Incyte Corp. in a report on Sunday, April 17th. Brean Capital reissued a “buy” rating and set a $92.00 price objective on shares of Incyte Corp. in a report on Tuesday, May 10th. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Incyte Corp. in a report on Monday, May 2nd. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Incyte Corp. in a report on Wednesday, June 29th. Finally, Jefferies Group dropped their price objective on shares of Incyte Corp. to $88.00 and set a “buy” rating for the company in a report on Wednesday, April 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seventeen have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $106.97.

The company has a market cap of $15.85 billion and a price-to-earnings ratio of 340.73. The company has a 50-day moving average price of $80.72 and a 200 day moving average price of $78.25.

Incyte Corp. (NASDAQ:INCY) last announced its quarterly earnings data on Monday, May 9th. The biopharmaceutical company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by $0.17. During the same period in the previous year, the company posted ($0.11) earnings per share. The company had revenue of $263 million for the quarter, compared to the consensus estimate of $266.38 million. The company’s quarterly revenue was up 65.4% compared to the same quarter last year. On average, equities research analysts anticipate that Incyte Corp. will post $0.04 EPS for the current year.

A number of hedge funds have made changes to their positions in INCY. Calamos Advisors LLC acquired a new stake in shares of Incyte Corp. during the fourth quarter valued at about $44,516,000. Rhumbline Advisers boosted its stake in shares of Incyte Corp. by 1.0% in the fourth quarter. Rhumbline Advisers now owns 155,738 shares of the biopharmaceutical company’s stock valued at $16,890,000 after buying an additional 1,514 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Incyte Corp. by 51.5% in the fourth quarter. ProShare Advisors LLC now owns 217,659 shares of the biopharmaceutical company’s stock valued at $23,605,000 after buying an additional 73,982 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Incyte Corp. by 362.9% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 58,778 shares of the biopharmaceutical company’s stock valued at $6,374,000 after buying an additional 46,081 shares in the last quarter. Finally, Mizuho Trust & Banking Co. Ltd. boosted its stake in shares of Incyte Corp. by 2.6% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 238,454 shares of the biopharmaceutical company’s stock valued at $26,018,000 after buying an additional 6,091 shares in the last quarter.

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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