Incyte Corporation (INCY) Coverage Initiated by Analysts at Goldman Sachs Group, Inc. (The)

Goldman Sachs Group, Inc. (The) started coverage on shares of Incyte Corporation (NASDAQ:INCY) in a research note released on Friday morning. The firm issued a buy rating and a $160.00 price target on the biopharmaceutical company’s stock.

Several other equities analysts also recently commented on INCY. Credit Suisse Group restated a buy rating on shares of Incyte Corporation in a research note on Saturday, June 10th. Jefferies Group LLC restated a buy rating and issued a $148.00 price target on shares of Incyte Corporation in a research note on Tuesday, June 20th. BidaskClub upgraded shares of Incyte Corporation from a hold rating to a buy rating in a research note on Tuesday, June 27th. Gabelli restated a buy rating and issued a $174.00 price target on shares of Incyte Corporation in a research note on Wednesday, June 28th. Finally, Cowen and Company restated an outperform rating and issued a $130.00 price target on shares of Incyte Corporation in a research note on Monday, July 3rd. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $144.84.

Incyte Corporation (NASDAQ INCY) traded up 0.99% during mid-day trading on Friday, reaching $114.70. 1,453,502 shares of the company’s stock traded hands. Incyte Corporation has a 1-year low of $83.01 and a 1-year high of $153.15. The firm has a 50 day moving average of $121.38 and a 200 day moving average of $127.20. The firm’s market cap is $23.59 billion.

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 the Thomson Reuters’ consensus estimate of ($0.05) by ($0.01). Incyte Corporation had a negative net margin of 11.77% and a negative return on equity of 21.57%. The business had revenue of $326.40 million during the quarter, compared to analyst estimates of $318.45 million. During the same quarter last year, the company posted $0.18 earnings per share. The company’s revenue was up 32.5% on a year-over-year basis. Analysts forecast that Incyte Corporation will post ($0.83) EPS for the current year.

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In related news, EVP Paula J. Swain sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $140.00, for a total value of $2,800,000.00. Following the completion of the transaction, the executive vice president now owns 55,067 shares in the company, valued at approximately $7,709,380. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Herve Hoppenot sold 70,502 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $119.45, for a total transaction of $8,421,463.90. The disclosure for this sale can be found here. Insiders sold 109,452 shares of company stock valued at $13,707,134 in the last three months. Company insiders own 17.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of INCY. State Street Corp raised its holdings in Incyte Corporation by 110.7% in the 1st quarter. State Street Corp now owns 7,581,684 shares of the biopharmaceutical company’s stock valued at $1,013,437,000 after buying an additional 3,983,207 shares during the last quarter. Vanguard Group Inc. raised its holdings in Incyte Corporation by 22.7% in the 1st quarter. Vanguard Group Inc. now owns 15,415,857 shares of the biopharmaceutical company’s stock valued at $2,060,638,000 after buying an additional 2,847,907 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Incyte Corporation by 4,570.1% in the 2nd quarter. Janus Henderson Group PLC now owns 1,045,363 shares of the biopharmaceutical company’s stock valued at $131,622,000 after buying an additional 1,022,979 shares during the last quarter. Geode Capital Management LLC raised its holdings in Incyte Corporation by 42.0% in the 1st quarter. Geode Capital Management LLC now owns 1,780,064 shares of the biopharmaceutical company’s stock valued at $237,618,000 after buying an additional 526,163 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in Incyte Corporation by 64.1% in the 2nd quarter. Jennison Associates LLC now owns 1,313,982 shares of the biopharmaceutical company’s stock valued at $165,443,000 after buying an additional 513,423 shares during the last quarter. Institutional investors and hedge funds own 88.91% 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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