Incyte Corp. (INCY) Sees Large Volume Increase
Shares of Incyte Corp. (NASDAQ:INCY) saw an uptick in trading volume on Wednesday . 1,598,675 shares traded hands during mid-day trading, an increase of 27% from the previous session’s volume of 1,260,089 shares.The stock last traded at $86.32 and had previously closed at $81.90.
A number of brokerages have weighed in on INCY. Vetr lowered Incyte Corp. from a “strong-buy” rating to a “buy” rating and set a $76.50 target price on the stock. in a research note on Monday, May 16th. Barclays PLC increased their price objective on 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 reiterated a “buy” rating on shares of Incyte Corp. in a research report on Tuesday, May 3rd. Piper Jaffray Cos. reiterated a “buy” rating and set a $102.00 price objective (up from $76.00) on shares of Incyte Corp. in a research report on Monday, August 1st. Finally, Morgan Stanley reiterated a “buy” rating on shares of Incyte Corp. in a research report on Tuesday, May 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $105.93.
The stock has a market capitalization of $15.50 billion and a PE ratio of 224.02. The stock has a 50-day moving average of $84.46 and a 200 day moving average of $77.52.
Incyte Corp. (NASDAQ:INCY) last issued its earnings results 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 period last year, the firm posted $0.05 earnings per share. The firm earned $208 million during the quarter, compared to the consensus estimate of $236.91 million. The company’s revenue for the quarter was up 51.1% compared to the same quarter last year. On average, equities research analysts expect that Incyte Corp. will post $0.18 earnings per share for the current fiscal year.
In other Incyte Corp. news, EVP Paula J. Swain sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $90.00, for a total transaction of $5,400,000.00. Following the sale, the executive vice president now directly owns 89,248 shares of the company’s stock, valued at $8,032,320. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Reid M. Huber sold 10,000 shares of the business’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 value of $879,600.00. The disclosure for this sale can be found here.
A number of large investors recently modified their holdings of the company. Calvert Investment Management Inc. boosted its stake in shares of Incyte Corp. by 30.1% in the fourth quarter. Calvert Investment Management Inc. now owns 9,550 shares of the biopharmaceutical company’s stock valued at $1,036,000 after buying an additional 2,210 shares during the last quarter. KBC Group NV raised its position in shares of Incyte Corp. by 150.1% in the fourth quarter. KBC Group NV now owns 41,700 shares of the biopharmaceutical company’s stock valued at $4,522,000 after buying an additional 25,025 shares during the period. Finally, Suntrust Banks Inc. raised its position in shares of Incyte Corp. by 111.1% in the fourth quarter. Suntrust Banks Inc. now owns 13,744 shares of the biopharmaceutical company’s stock valued at $1,490,000 after buying an additional 7,232 shares during the 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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