Incyte Corp. (INCY) Lowered to Hold at Zacks Investment Research
According to Zacks, “Incyte's third-quarter results were encouraging with the company meeting estimates on both fronts. The company’s only approved product, Jakafi is well positioned and should continue to drive top-line growth. Encouraged by Jakafi’s strong performance, Incyte has raised Jakafi revenue expectations for 2016. Moreover, Incyte boasts an attractive pipeline, comprising quite a few interesting candidates. Incyte may gain another approved product in its portfolio in 2017 with baricitinib currently under review. We are also encouraged by Incyte’s association with several big companies like Novartis and Eli Lilly. The ARIAD deal is another positive as it is expected to be accretive to earnings from 2018. However, Incyte is highly dependent on a single product, Jakafi, for growth which has its inherent risks. Also, most of its pipeline candidates are in early-to-mid stages of development, which translates into a long way to approval.”
Several other brokerages also recently issued reports on INCY. Piper Jaffray Cos. set a $102.00 price target on Incyte Corp. and gave the company a buy rating in a report on Tuesday, August 16th. RBC Capital Markets restated an outperform rating and set a $116.00 target price on shares of Incyte Corp. in a research note on Monday, October 10th. Jefferies Group restated a buy rating on shares of Incyte Corp. in a research note on Tuesday, November 8th. Leerink Swann raised their target price on Incyte Corp. from $95.00 to $98.00 and gave the company an outperform rating in a research note on Monday, October 3rd. Finally, Raymond James Financial Inc. upgraded Incyte Corp. from a market perform rating to an outperform rating and set a $115.00 target price for the company in a research note on Thursday, September 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nineteen have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $103.08.
Incyte Corp. (NASDAQ:INCY) opened at 105.07 on Tuesday. Incyte Corp. has a 12 month low of $55.00 and a 12 month high of $118.49. The company has a 50-day moving average price of $94.75 and a 200 day moving average price of $86.28. The firm has a market cap of $19.79 billion, a PE ratio of 141.22 and a beta of 0.79.
In related news, EVP Reid M. Huber sold 2,715 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $109.95, for a total transaction of $298,514.25. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Barry P. Flannelly sold 24,204 shares of the firm’s stock in a transaction that occurred on Friday, October 7th. The shares were sold at an average price of $97.00, for a total transaction of $2,347,788.00. Following the transaction, the executive vice president now owns 13,595 shares in the company, valued at approximately $1,318,715. The disclosure for this sale can be found here. Corporate insiders own 13.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Douglass Winthrop Advisors LLC bought a new position in Incyte Corp. during the second quarter worth approximately $221,000. Nisa Investment Advisors LLC raised its position in Incyte Corp. by 1,082.4% in the second quarter. Nisa Investment Advisors LLC now owns 20,100 shares of the biopharmaceutical company’s stock worth $1,608,000 after buying an additional 18,400 shares in the last quarter. Eqis Capital Management Inc. raised its position in Incyte Corp. by 4.5% in the second quarter. Eqis Capital Management Inc. now owns 28,649 shares of the biopharmaceutical company’s stock worth $2,291,000 after buying an additional 1,232 shares in the last quarter. Capstone Asset Management Co. raised its position in Incyte Corp. by 7.9% in the second quarter. Capstone Asset Management Co. now owns 5,175 shares of the biopharmaceutical company’s stock worth $414,000 after buying an additional 380 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. raised its position in Incyte Corp. by 2.7% in the second quarter. NN Investment Partners Holdings N.V. now owns 11,500 shares of the biopharmaceutical company’s stock worth $920,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 91.97% of the company’s stock.
About Incyte Corp.
Incyte Corporation is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutics to treat medical needs, primarily in oncology. The Company focuses on the research and development program to explore the inhibition of enzymes called janus associated kinases (JAK).
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