Zacks Investment Research upgraded shares of Incyte (NASDAQ:INCY) from a hold rating to a buy rating in a report published on Wednesday morning. The brokerage currently has $79.00 price objective on the biopharmaceutical company’s stock.
According to Zacks, “Incyte's Jakafi performance was strong in 2017 driven by patient demand. The sales guidance for 2018 was also impressive. Jakafi sales are expected to get a boost from the updated labels. Incyte expects Jakafi revenues in the range of $1.35-$1.4 billion in 2018, more than 20% growth over 2017. Meanwhile, the NDA for Olumiant was resubmitted and a potential approval will further boost the top line. Incyte’s pipeline is highly encouraging with promising immune therapies including epacadostat.. However, Incyte’s dependence on only Jakafi for growth is concerning. In addition, the recent failure of epacadostat study for the melanoma study with Keytruda was a big disappointment. Shares of the company have underperformed the industry in the last six months.”
Several other analysts have also recently issued reports on INCY. Oppenheimer set a $120.00 price target on shares of Incyte and gave the stock a hold rating in a research report on Tuesday, January 2nd. Royal Bank of Canada raised shares of Incyte from a sector perform rating to an outperform rating and set a $136.00 price target on the stock in a research report on Tuesday, January 2nd. Citigroup reissued a market perform rating and set a $120.00 price target (down previously from $135.00) on shares of Incyte in a research report on Tuesday, January 2nd. BMO Capital Markets reissued a buy rating and set a $172.00 price target on shares of Incyte in a research report on Wednesday, January 3rd. Finally, BidaskClub cut shares of Incyte from a sell rating to a strong sell rating in a research report on Tuesday, January 16th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $116.10.
Shares of INCY opened at $68.43 on Wednesday. The stock has a market cap of $14,624.70, a PE ratio of 106.92 and a beta of 0.66. Incyte has a 1 year low of $61.30 and a 1 year high of $140.11. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.99 and a current ratio of 4.01.
Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Thursday, February 15th. The biopharmaceutical company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.52) by $0.54. The business had revenue of $444.20 million for the quarter, compared to analysts’ expectations of $435.23 million. Incyte had a negative net margin of 20.38% and a negative return on equity of 11.85%. The business’s quarterly revenue was up 36.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 earnings per share. analysts predict that Incyte will post -0.16 EPS for the current year.
In other Incyte news, insider David W. Gryska sold 1,952 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.56, for a total transaction of $167,013.12. Following the sale, the insider now owns 12,922 shares of the company’s stock, valued at $1,105,606.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Reid M. Huber sold 1,958 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.55, for a total transaction of $167,506.90. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Xact Kapitalforvaltning AB grew its position in shares of Incyte by 9.9% during the fourth quarter. Xact Kapitalforvaltning AB now owns 30,627 shares of the biopharmaceutical company’s stock worth $2,901,000 after acquiring an additional 2,749 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Incyte by 13.3% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 79,710 shares of the biopharmaceutical company’s stock worth $7,549,000 after acquiring an additional 9,371 shares during the last quarter. Griffin Asset Management Inc. purchased a new position in shares of Incyte during the fourth quarter worth approximately $200,000. OLD Mutual Customised Solutions Proprietary Ltd. grew its position in shares of Incyte by 1,923.9% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 38,292 shares of the biopharmaceutical company’s stock worth $1,256,000 after acquiring an additional 36,400 shares during the last quarter. Finally, Westover Capital Advisors LLC purchased a new position in shares of Incyte during the fourth quarter worth approximately $228,000. 93.56% of the stock is currently owned by institutional investors.
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Incyte Company Profile
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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