Incyte (INCY) Stock Rating Upgraded by BidaskClub

Incyte (NASDAQ:INCY) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

INCY has been the subject of several other research reports. Zacks Investment Research upgraded shares of Incyte from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a research note on Wednesday, October 10th. Raymond James restated a “buy” rating and set a $85.00 price target on shares of Incyte in a research note on Thursday, October 25th. Cowen restated a “buy” rating on shares of Incyte in a research note on Tuesday, October 30th. JPMorgan Chase & Co. restated a “buy” rating on shares of Incyte in a research note on Saturday, September 15th. Finally, ValuEngine upgraded shares of Incyte from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 2nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have given a buy rating to the company. Incyte presently has a consensus rating of “Buy” and an average target price of $94.48.

Incyte stock opened at $64.67 on Friday. Incyte has a 52 week low of $58.33 and a 52 week high of $102.63. The company has a current ratio of 4.02, a quick ratio of 4.01 and a debt-to-equity ratio of 0.01. The company has a market cap of $13.63 billion, a price-to-earnings ratio of 101.05 and a beta of 1.12.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 30th. The biopharmaceutical company reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.02). Incyte had a positive return on equity of 2.23% and a negative net margin of 6.07%. The company had revenue of $449.68 million for the quarter, compared to analysts’ expectations of $448.34 million. During the same quarter in the previous year, the business earned $0.19 EPS. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. As a group, sell-side analysts expect that Incyte will post 0.43 earnings per share for the current fiscal year.

In related news, insider Paul Trower sold 10,000 shares of Incyte stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $70.00, for a total value of $700,000.00. Following the completion of the transaction, the insider now directly owns 24,172 shares in the company, valued at approximately $1,692,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Barry P. Flannelly sold 1,000 shares of Incyte stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. The disclosure for this sale can be found here. Insiders sold a total of 21,000 shares of company stock valued at $1,502,100 over the last quarter. 17.20% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Incyte by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,380,804 shares of the biopharmaceutical company’s stock valued at $1,269,746,000 after purchasing an additional 120,700 shares in the last quarter. Legal & General Group Plc grew its position in shares of Incyte by 3.3% during the 3rd quarter. Legal & General Group Plc now owns 777,438 shares of the biopharmaceutical company’s stock valued at $53,706,000 after purchasing an additional 25,136 shares in the last quarter. Standard Life Aberdeen plc grew its position in shares of Incyte by 12.3% during the 3rd quarter. Standard Life Aberdeen plc now owns 46,161 shares of the biopharmaceutical company’s stock valued at $3,189,000 after purchasing an additional 5,056 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Incyte by 18.7% during the 3rd quarter. Nordea Investment Management AB now owns 10,188 shares of the biopharmaceutical company’s stock valued at $703,000 after purchasing an additional 1,607 shares in the last quarter. Finally, Ashford Capital Management Inc. grew its position in shares of Incyte by 9.8% during the 3rd quarter. Ashford Capital Management Inc. now owns 171,155 shares of the biopharmaceutical company’s stock valued at $11,823,000 after purchasing an additional 15,325 shares in the last quarter. Institutional investors and hedge funds own 93.21% of the company’s stock.

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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Analyst Recommendations for Incyte (NASDAQ:INCY)

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