Incyte (NASDAQ:INCY) Price Target Raised to $90.00

Incyte (NASDAQ:INCY) had its price target raised by investment analysts at SunTrust Banks to $90.00 in a report issued on Tuesday, February 5th, The Fly reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. SunTrust Banks’ price target points to a potential upside of 2.08% from the company’s previous close.

Several other research firms have also commented on INCY. BidaskClub raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Thursday, January 31st. William Blair raised shares of Incyte from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $85.00 to $100.00 in a research note on Thursday, January 24th. Gabelli raised shares of Incyte from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a research note on Wednesday, January 23rd. Zacks Investment Research downgraded shares of Incyte from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 23rd. Finally, UBS Group downgraded shares of Incyte from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $75.00 to $82.00 in a research note on Wednesday, January 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $92.40.

Incyte stock traded up $1.94 during midday trading on Tuesday, hitting $88.17. 1,084,583 shares of the stock were exchanged, compared to its average volume of 1,365,110. Incyte has a fifty-two week low of $57.00 and a fifty-two week high of $96.33. The stock has a market cap of $18.16 billion, a P/E ratio of 107.52, a PEG ratio of 1.25 and a beta of 1.34. The company has a current ratio of 4.31, a quick ratio of 4.29 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Thursday, February 14th. The biopharmaceutical company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.15. Incyte had a net margin of 5.82% and a return on equity of 6.17%. The firm had revenue of $528.40 million during the quarter, compared to analysts’ expectations of $485.72 million. During the same period last year, the business earned $0.02 earnings per share. Incyte’s revenue was up 19.0% compared to the same quarter last year. As a group, analysts forecast that Incyte will post 1.27 EPS for the current year.

In other news, EVP Barry P. Flannelly sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, January 28th. The shares were sold at an average price of $80.00, for a total transaction of $80,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Trower sold 5,813 shares of the business’s stock in a transaction that occurred on Tuesday, January 15th. The stock was sold at an average price of $75.00, for a total transaction of $435,975.00. Following the sale, the insider now owns 19,713 shares of the company’s stock, valued at approximately $1,478,475. The disclosure for this sale can be found here. Insiders have sold a total of 81,354 shares of company stock valued at $6,058,524 in the last 90 days. Insiders own 17.20% of the company’s stock.

Several institutional investors have recently made changes to their positions in INCY. Metropolitan Life Insurance Co. NY boosted its position in shares of Incyte by 0.3% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 34,590 shares of the biopharmaceutical company’s stock worth $2,200,000 after purchasing an additional 120 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Incyte by 1.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,688 shares of the biopharmaceutical company’s stock worth $489,000 after purchasing an additional 135 shares in the last quarter. Grandfield & Dodd LLC boosted its position in shares of Incyte by 2.1% during the 4th quarter. Grandfield & Dodd LLC now owns 8,137 shares of the biopharmaceutical company’s stock worth $517,000 after purchasing an additional 169 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Incyte by 2.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 7,747 shares of the biopharmaceutical company’s stock worth $493,000 after buying an additional 180 shares in the last quarter. Finally, ETF Managers Group LLC boosted its position in shares of Incyte by 15.8% in the 4th quarter. ETF Managers Group LLC now owns 1,564 shares of the biopharmaceutical company’s stock worth $99,000 after buying an additional 213 shares in the last quarter. 89.05% of the stock is currently owned by institutional investors and hedge funds.

About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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