Cowen Reiterates “Buy” Rating for Incyte (NASDAQ:INCY)

Incyte (NASDAQ:INCY)‘s stock had its “buy” rating reaffirmed by investment analysts at Cowen in a report released on Tuesday, October 30th.

INCY has been the topic of several other reports. Royal Bank of Canada upgraded shares of Incyte from a “sector perform” rating to an “outperform” rating and set a $74.00 price objective on the stock in a research report on Wednesday, August 15th. They noted that the move was a valuation call. JPMorgan Chase & Co. reiterated a “buy” rating and set a $88.00 price objective on shares of Incyte in a research report on Wednesday, August 1st. Raymond James reiterated a “buy” rating and set a $85.00 price objective on shares of Incyte in a research report on Thursday, October 25th. BidaskClub upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 31st. Finally, Cantor Fitzgerald restated a “hold” rating and set a $74.00 price target (up from $73.00) on shares of Incyte in a report on Sunday, October 21st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the company. Incyte has an average rating of “Hold” and a consensus price target of $94.48.

Shares of INCY traded up $0.48 during mid-day trading on Tuesday, reaching $64.07. 976,452 shares of the company’s stock traded hands, compared to its average volume of 1,858,899. Incyte has a 12 month low of $58.33 and a 12 month high of $102.63. The stock has a market cap of $13.53 billion, a PE ratio of 100.11 and a beta of 1.12. The company has a current ratio of 4.02, a quick ratio of 4.01 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted 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). The business had revenue of $449.68 million during the quarter, compared to analyst estimates of $448.34 million. Incyte had a positive return on equity of 2.23% and a negative net margin of 6.07%. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.19 EPS. As a group, analysts forecast that Incyte will post 0.43 EPS for the current year.

In related news, EVP Barry P. Flannelly sold 1,000 shares of the company’s stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $70.00, for a total value of $70,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Paul Trower sold 10,000 shares of the company’s stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $70.00, for a total transaction of $700,000.00. Following the completion of the sale, the insider now directly owns 24,172 shares in the company, valued at approximately $1,692,040. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,000 shares of company stock worth $1,502,100. Insiders own 17.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc increased its stake in Incyte by 3.3% in the third quarter. Legal & General Group Plc now owns 777,438 shares of the biopharmaceutical company’s stock valued at $53,706,000 after acquiring an additional 25,136 shares during the period. Standard Life Aberdeen plc increased its stake in Incyte by 12.3% in the third quarter. Standard Life Aberdeen plc now owns 46,161 shares of the biopharmaceutical company’s stock valued at $3,189,000 after acquiring an additional 5,056 shares during the period. Nordea Investment Management AB grew its stake in Incyte by 18.7% during the third quarter. Nordea Investment Management AB now owns 10,188 shares of the biopharmaceutical company’s stock worth $703,000 after buying an additional 1,607 shares during the last quarter. Ashford Capital Management Inc. grew its stake in Incyte by 9.8% during the third quarter. Ashford Capital Management Inc. now owns 171,155 shares of the biopharmaceutical company’s stock worth $11,823,000 after buying an additional 15,325 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in Incyte by 351.2% during the third quarter. AQR Capital Management LLC now owns 594,791 shares of the biopharmaceutical company’s stock worth $41,088,000 after buying an additional 462,965 shares during the last quarter. 93.21% 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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Analyst Recommendations for Incyte (NASDAQ:INCY)

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