SunTrust Banks Research Analysts Lift Earnings Estimates for Incyte Corporation (NASDAQ:INCY)
Incyte Corporation (NASDAQ:INCY) – Equities researchers at SunTrust Banks lifted their FY2018 earnings per share estimates for shares of Incyte Corporation in a research report issued to clients and investors on Tuesday. SunTrust Banks analyst P. Lawson now anticipates that the biopharmaceutical company will post earnings of $0.42 per share for the year, up from their prior estimate of $0.33. SunTrust Banks has a “Buy” rating and a $145.00 price objective on the stock. SunTrust Banks also issued estimates for Incyte Corporation’s FY2019 earnings at $2.45 EPS and FY2020 earnings at $3.63 EPS.
A number of other brokerages have also recently issued reports on INCY. Raymond James Financial, Inc. cut Incyte Corporation from an “outperform” rating to a “hold” rating in a research note on Thursday, April 6th. BMO Capital Markets reaffirmed a “buy” rating and set a $172.00 price objective on shares of Incyte Corporation in a research note on Friday, July 21st. Barclays PLC reaffirmed an “overweight” rating and set a $165.00 price objective (down from $180.00) on shares of Incyte Corporation in a research note on Wednesday. TheStreet cut Incyte Corporation from a “c+” rating to a “d+” rating in a research note on Thursday, May 4th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $148.00 price objective on shares of Incyte Corporation in a research note on Tuesday, June 20th. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $140.39.
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Shares of Incyte Corporation (NASDAQ INCY) traded up 2.16% during midday trading on Thursday, reaching $128.70. The company had a trading volume of 872,485 shares. The company has a 50 day moving average of $130.23 and a 200 day moving average of $129.04. The company’s market capitalization is $26.47 billion. Incyte Corporation has a one year low of $75.52 and a one year high of $153.15.
Incyte Corporation (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $326.40 million for the quarter, compared to the consensus estimate of $318.45 million. Incyte Corporation had a negative return on equity of 21.57% and a negative net margin of 11.77%. The company’s revenue was up 32.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 EPS.
In other news, CFO David W. Gryska sold 16,756 shares of Incyte Corporation stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $116.60, for a total transaction of $1,953,749.60. Following the completion of the transaction, the chief financial officer now directly owns 35,771 shares in the company, valued at $4,170,898.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jean Jacques Bienaime bought 500 shares of the stock in a transaction dated Monday, May 15th. The shares were acquired at an average price of $115.00 per share, with a total value of $57,500.00. Following the completion of the acquisition, the director now directly owns 4,177 shares of the company’s stock, valued at approximately $480,355. The disclosure for this purchase can be found here. Insiders sold 53,760 shares of company stock valued at $6,623,660 over the last 90 days. 17.70% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in INCY. Wetherby Asset Management Inc. raised its position in Incyte Corporation by 1.4% in the second quarter. Wetherby Asset Management Inc. now owns 1,672 shares of the biopharmaceutical company’s stock valued at $211,000 after buying an additional 23 shares during the last quarter. Grandfield & Dodd LLC raised its position in Incyte Corporation by 0.7% in the first quarter. Grandfield & Dodd LLC now owns 7,298 shares of the biopharmaceutical company’s stock valued at $976,000 after buying an additional 50 shares during the last quarter. IFP Advisors Inc raised its position in Incyte Corporation by 6.8% in the first quarter. IFP Advisors Inc now owns 1,043 shares of the biopharmaceutical company’s stock valued at $139,000 after buying an additional 66 shares during the last quarter. State of Alaska Department of Revenue raised its position in Incyte Corporation by 5.4% in the second quarter. State of Alaska Department of Revenue now owns 2,292 shares of the biopharmaceutical company’s stock valued at $288,000 after buying an additional 117 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in Incyte Corporation by 0.9% in the first quarter. Fisher Asset Management LLC now owns 15,050 shares of the biopharmaceutical company’s stock valued at $2,012,000 after buying an additional 133 shares during the last quarter. Hedge funds and other institutional investors own 92.33% of the company’s stock.
Incyte Corporation Company Profile
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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