Cowen Reaffirms Buy Rating for Incyte (NASDAQ:INCY)

Cowen restated their buy rating on shares of Incyte (NASDAQ:INCY) in a report issued on Monday morning, AnalystRatings.com reports.

A number of other analysts also recently commented on the stock. Citigroup reissued an outperform rating and set a $96.00 price objective (down previously from $100.00) on shares of Incyte in a report on Friday, January 3rd. JMP Securities decreased their price objective on shares of Incyte from $110.00 to $99.00 and set a market outperform rating on the stock in a report on Friday, January 3rd. Goldman Sachs Group decreased their price objective on shares of Incyte from $122.00 to $107.00 and set a buy rating on the stock in a report on Friday, January 3rd. Guggenheim downgraded shares of Incyte from a buy rating to a neutral rating in a report on Thursday, January 2nd. Finally, Morgan Stanley decreased their price objective on shares of Incyte from $89.00 to $83.00 and set an equal weight rating on the stock in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $91.54.

INCY stock opened at $80.54 on Monday. The company has a market cap of $17.55 billion, a P/E ratio of 98.22, a P/E/G ratio of 0.91 and a beta of 0.97. Incyte has a 52 week low of $72.00 and a 52 week high of $96.79. The company’s 50-day moving average price is $88.16 and its 200 day moving average price is $82.98. The company has a current ratio of 5.02, a quick ratio of 5.01 and a debt-to-equity ratio of 0.02.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.27. The firm had revenue of $551.58 million for the quarter, compared to the consensus estimate of $534.73 million. Incyte had a net margin of 19.21% and a return on equity of 20.07%. The firm’s revenue was up 22.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 earnings per share. On average, equities research analysts expect that Incyte will post 2.14 earnings per share for the current year.

In other Incyte news, EVP Barry P. Flannelly sold 2,142 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $90.00, for a total value of $192,780.00. Following the sale, the executive vice president now owns 17,401 shares of the company’s stock, valued at $1,566,090. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Trower sold 16,500 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $80.45, for a total transaction of $1,327,425.00. Following the completion of the sale, the insider now directly owns 23,907 shares in the company, valued at approximately $1,923,318.15. The disclosure for this sale can be found here. Insiders sold 131,436 shares of company stock worth $11,391,310 in the last ninety days. Insiders own 17.10% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. CSat Investment Advisory L.P. lifted its stake in shares of Incyte by 180.5% during the second quarter. CSat Investment Advisory L.P. now owns 676 shares of the biopharmaceutical company’s stock valued at $58,000 after buying an additional 435 shares during the period. AQR Capital Management LLC lifted its stake in shares of Incyte by 18.1% during the second quarter. AQR Capital Management LLC now owns 995,804 shares of the biopharmaceutical company’s stock valued at $83,548,000 after buying an additional 152,553 shares during the period. Morgan Stanley lifted its stake in shares of Incyte by 5.3% during the second quarter. Morgan Stanley now owns 362,610 shares of the biopharmaceutical company’s stock valued at $30,806,000 after buying an additional 18,193 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Incyte by 46.0% during the third quarter. Envestnet Asset Management Inc. now owns 13,256 shares of the biopharmaceutical company’s stock valued at $984,000 after buying an additional 4,177 shares during the period. Finally, California State Teachers Retirement System lifted its stake in shares of Incyte by 2.4% during the second quarter. California State Teachers Retirement System now owns 291,393 shares of the biopharmaceutical company’s stock valued at $24,757,000 after buying an additional 6,874 shares during the period. 90.90% 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 various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Analyst Recommendations for Incyte (NASDAQ:INCY)

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