Incyte Corporation (INCY) Earns Sector Perform Rating from Analysts at Royal Bank Of Canada
Royal Bank Of Canada started coverage on shares of Incyte Corporation (NASDAQ:INCY) in a report issued on Thursday, MarketBeat Ratings reports. The brokerage issued a sector perform rating and a $136.00 price objective on the biopharmaceutical company’s stock.
A number of other equities analysts also recently issued reports on the company. Argus reiterated a buy rating and issued a $150.00 price objective on shares of Incyte Corporation in a report on Wednesday. Oppenheimer Holdings, Inc. reiterated a hold rating and issued a $135.00 price objective on shares of Incyte Corporation in a report on Sunday, September 10th. BMO Capital Markets reiterated an outperform rating and issued a $163.00 price objective (down previously from $172.00) on shares of Incyte Corporation in a report on Monday, September 11th. Raymond James Financial, Inc. upgraded Incyte Corporation from a market perform rating to an outperform rating and set a $159.00 price objective for the company in a report on Monday, September 11th. Finally, J P Morgan Chase & Co reiterated a buy rating and issued a $149.00 price objective on shares of Incyte Corporation in a report on Thursday, August 31st. Eight research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Incyte Corporation presently has a consensus rating of Buy and a consensus target price of $142.16.
Shares of Incyte Corporation (INCY) opened at 119.15 on Thursday. The firm’s market cap is $24.51 billion. Incyte Corporation has a 52-week low of $81.49 and a 52-week high of $153.15. The company has a 50-day moving average of $127.40 and a 200 day moving average of $130.21.
Incyte Corporation (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The firm had revenue of $326.40 million during 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%. Incyte Corporation’s revenue for the quarter was up 32.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 EPS. On average, equities analysts expect that Incyte Corporation will post ($0.84) earnings per share for the current year.
In other news, Director Bros. Advisors Lp Baker bought 100,000 shares of the company’s stock in a transaction on Friday, September 8th. The shares were acquired at an average cost of $132.00 per share, with a total value of $13,200,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Steven H. Stein sold 9,883 shares of the firm’s stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $125.00, for a total value of $1,235,375.00. Following the completion of the transaction, the executive vice president now directly owns 18,518 shares in the company, valued at $2,314,750. The disclosure for this sale can be found here. Insiders have sold 54,252 shares of company stock worth $7,206,984 over the last ninety days. 17.70% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the business. D. Scott Neal Inc. purchased a new position in Incyte Corporation in the second quarter worth about $103,000. Tower Research Capital LLC TRC purchased a new position in Incyte Corporation in the first quarter worth about $105,000. Cornerstone Advisors Inc. boosted its position in Incyte Corporation by 19.6% in the second quarter. Cornerstone Advisors Inc. now owns 884 shares of the biopharmaceutical company’s stock worth $111,000 after purchasing an additional 145 shares during the last quarter. Exane Asset Management purchased a new position in Incyte Corporation in the second quarter worth about $126,000. Finally, Seven Eight Capital LP purchased a new position in Incyte Corporation in the second quarter worth about $129,000. 91.06% of the stock is currently owned by institutional investors and hedge funds.
About Incyte Corporation
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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