Investors Buy Shares of Incyte Corp. (INCY) on Weakness
Investors purchased shares of Incyte Corp. (NASDAQ:INCY) on weakness during trading hours 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 stocks 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 research analysts have commented on the stock. 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. SunTrust Banks Inc. initiated coverage on shares of Incyte Corp. in a research report on Friday, August 5th. They issued a “buy” rating and a $105.00 price objective on the stock. Barclays PLC lifted their price objective on shares of Incyte Corp. from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 10th. Jefferies Group reaffirmed a “buy” rating and issued a $98.00 price objective on shares of Incyte Corp. in a research report on Wednesday, August 10th. Finally, Leerink Swann lifted their price objective on shares of Incyte Corp. from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nineteen have assigned a buy rating to the company. Incyte Corp. currently has an average rating of “Buy” and a consensus target price of $105.93.
The company has a 50 day moving average of $84.40 and a 200 day moving average of $77.64. The company has a market capitalization of $15.24 billion and a P/E ratio of 220.22.
Incyte Corp. (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.20. During the same quarter in the prior year, the company earned $0.05 earnings per share. The company earned $208 million during the quarter, compared to analysts’ expectations of $236.91 million. The business’s revenue for the quarter was up 51.1% on a year-over-year basis. On average, equities research analysts expect that Incyte Corp. will post $0.18 earnings per share for the current year.
In other news, EVP Paula J. Swain sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $90.00, for a total transaction of $5,400,000.00. Following the transaction, the executive vice president now directly owns 89,248 shares in the company, valued at $8,032,320. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Reid M. Huber sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $87.96, for a total transaction of $879,600.00. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Incyte Corp. stock. Calvert Investment Management Inc. raised its position in Incyte Corp. (NASDAQ:INCY) by 30.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 at the end of the most recent reporting period.
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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