Investors Buy Incyte Corp. (INCY) on Weakness
Investors purchased shares of Incyte Corp. (NASDAQ:INCY) on weakness during trading on Thursday. $39.32 million flowed into the stock on the tick-up and $31.07 million flowed out of the stock on the tick-down, for a money net flow of $8.25 million into the stock. Of all equities tracked, Incyte Corp. had the 19th highest net in-flow for the day. Incyte Corp. traded down ($2.34) for the day and closed at $80.10
A number of equities research analysts recently commented on the stock. Vetr cut shares of Incyte Corp. from a “strong-buy” rating to a “buy” rating and set a $76.50 target price for the company. in a research report on Monday, May 16th. Barclays PLC increased their target price on shares of Incyte Corp. from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, August 10th. Cowen and Company reissued a “buy” rating on shares of Incyte Corp. in a research report on Tuesday, May 3rd. Piper Jaffray Cos. reissued a “buy” rating and set a $102.00 target price (up previously from $76.00) on shares of Incyte Corp. in a research report on Monday, August 1st. Finally, Morgan Stanley reissued a “buy” rating on shares of Incyte Corp. in a research report on Tuesday, May 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nineteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $105.93.
The stock’s 50-day moving average is $84.47 and its 200-day moving average is $77.57. The company has a market cap of $15.06 billion and a price-to-earnings ratio of 217.66.
Incyte Corp. (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.20. During the same quarter last year, the business earned $0.05 earnings per share. The firm had revenue of $208 million for the quarter, compared to the consensus estimate of $236.91 million. The business’s revenue for the quarter was up 51.1% compared to the same quarter last year. On average, analysts predict that Incyte Corp. will post $0.18 EPS for the current year.
In related news, EVP Reid M. Huber sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $87.96, for a total transaction of $879,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Paula J. Swain sold 60,000 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $90.00, for a total value of $5,400,000.00. Following the transaction, the executive vice president now owns 89,248 shares in the company, valued at $8,032,320. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Incyte Corp. stock. Calvert Investment Management Inc. boosted its stake in Incyte Corp. (NASDAQ:INCY) by 30.1% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 9,550 shares of the biopharmaceutical company’s stock after buying an additional 2,210 shares during the period. Calvert Investment Management Inc.’s holdings in Incyte Corp. were worth $1,036,000 as of its most recent SEC filing.
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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