Argus Reaffirms “Buy” Rating for Incyte Corporation (INCY)

Argus restated their buy rating on shares of Incyte Corporation (NASDAQ:INCY) in a research report sent to investors on Wednesday morning. The firm currently has a $150.00 target price on the biopharmaceutical company’s stock.

A number of other research firms have also commented on INCY. Oppenheimer Holdings, Inc. restated a hold rating and set a $135.00 price target on shares of Incyte Corporation in a research report on Thursday, August 31st. BMO Capital Markets restated a buy rating and set a $172.00 price target on shares of Incyte Corporation in a research report on Friday, July 21st. Barclays PLC restated an overweight rating and set a $165.00 price target (down from $180.00) on shares of Incyte Corporation in a research report on Wednesday, August 2nd. Raymond James Financial, Inc. upgraded shares of Incyte Corporation from a market perform rating to an outperform rating and set a $159.00 price target for the company in a research report on Monday, September 11th. Finally, J P Morgan Chase & Co restated a buy rating and set a $149.00 price target on shares of Incyte Corporation in a research report on Thursday, August 31st. Eight investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and an average target price of $142.16.

Incyte Corporation (NASDAQ:INCY) traded down 0.51% during midday trading on Wednesday, reaching $119.15. The company’s stock had a trading volume of 2,995,901 shares. Incyte Corporation has a 12 month low of $81.49 and a 12 month high of $153.15. The company’s market cap is $24.51 billion. The stock has a 50-day moving average price of $127.40 and a 200 day moving average price of $130.21.

Incyte Corporation (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) EPS 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 analysts’ expectations of $318.45 million. Incyte Corporation had a negative net margin of 11.77% and a negative return on equity of 21.57%. The firm’s revenue for the quarter was up 32.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 earnings per share. Analysts expect that Incyte Corporation will post ($0.84) earnings per share for the current fiscal year.

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In related news, EVP Steven H. Stein sold 9,883 shares of the business’s stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $125.00, for a total transaction of $1,235,375.00. Following the transaction, the executive vice president now owns 18,518 shares in the company, valued at $2,314,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Barry P. Flannelly sold 714 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $124.25, for a total transaction of $88,714.50. Following the transaction, the executive vice president now owns 15,496 shares in the company, valued at approximately $1,925,378. The disclosure for this sale can be found here. Insiders have sold 54,252 shares of company stock worth $7,206,984 in the last quarter. 17.70% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Incyte Corporation by 11.1% in the second quarter. Vanguard Group Inc. now owns 17,125,542 shares of the biopharmaceutical company’s stock worth $2,156,276,000 after purchasing an additional 1,709,685 shares during the period. State Street Corp grew its holdings in Incyte Corporation by 110.7% in the first quarter. State Street Corp now owns 7,581,684 shares of the biopharmaceutical company’s stock worth $1,013,437,000 after purchasing an additional 3,983,207 shares during the period. Capital International Investors grew its holdings in Incyte Corporation by 4.0% in the second quarter. Capital International Investors now owns 6,407,197 shares of the biopharmaceutical company’s stock worth $806,730,000 after purchasing an additional 246,134 shares during the period. BB Biotech AG grew its holdings in Incyte Corporation by 0.7% in the second quarter. BB Biotech AG now owns 3,514,822 shares of the biopharmaceutical company’s stock worth $442,551,000 after purchasing an additional 25,000 shares during the period. Finally, FMR LLC grew its holdings in Incyte Corporation by 8.0% in the first quarter. FMR LLC now owns 2,980,864 shares of the biopharmaceutical company’s stock worth $398,452,000 after purchasing an additional 219,923 shares during the period. Institutional investors and hedge funds own 91.06% of the company’s stock.

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).

Analyst Recommendations for Incyte Corporation (NASDAQ:INCY)

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