Incyte (INCY) Upgraded at BidaskClub

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Incyte (NASDAQ:INCY) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Monday.

A number of other research analysts have also recently issued reports on INCY. Oppenheimer set a $65.00 price objective on Incyte and gave the company a “hold” rating in a research note on Monday, April 23rd. JPMorgan Chase & Co. lowered their price objective on Incyte from $96.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday, April 24th. Raymond James reiterated a “buy” rating on shares of Incyte in a research note on Tuesday, April 24th. Cowen reiterated a “buy” rating on shares of Incyte in a research note on Wednesday, May 2nd. Finally, Piper Jaffray Companies initiated coverage on Incyte in a research note on Wednesday, May 30th. They set a “buy” rating and a $85.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the stock. Incyte has an average rating of “Buy” and an average price target of $104.23.

INCY opened at $68.80 on Monday. The company has a market capitalization of $13.70 billion, a PE ratio of 107.50 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.34 and a quick ratio of 4.32. Incyte has a 52 week low of $60.22 and a 52 week high of $140.11.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, July 31st. The biopharmaceutical company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.22. The company had revenue of $521.50 million during the quarter, compared to analysts’ expectations of $510.70 million. Incyte had a positive return on equity of 1.74% and a negative net margin of 5.92%. The firm’s revenue for the quarter was up 59.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.06) EPS. research analysts expect that Incyte will post 0.43 earnings per share for the current fiscal year.

In other Incyte news, EVP Vijay K. Iyengar sold 606 shares of Incyte stock in a transaction on Monday, July 9th. The stock was sold at an average price of $71.34, for a total value of $43,232.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 17.20% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Shikiar Asset Management Inc. increased its holdings in shares of Incyte by 534.2% in the 2nd quarter. Shikiar Asset Management Inc. now owns 113,200 shares of the biopharmaceutical company’s stock worth $7,584,000 after purchasing an additional 95,350 shares in the last quarter. Fred Alger Management Inc. increased its holdings in shares of Incyte by 272.6% in the 2nd quarter. Fred Alger Management Inc. now owns 111,450 shares of the biopharmaceutical company’s stock worth $7,467,000 after purchasing an additional 81,535 shares in the last quarter. Norinchukin Bank The increased its holdings in shares of Incyte by 14.9% in the 1st quarter. Norinchukin Bank The now owns 16,097 shares of the biopharmaceutical company’s stock worth $1,341,000 after purchasing an additional 2,093 shares in the last quarter. IFM Investors Pty Ltd increased its holdings in shares of Incyte by 46.6% in the 2nd quarter. IFM Investors Pty Ltd now owns 8,027 shares of the biopharmaceutical company’s stock worth $538,000 after purchasing an additional 2,553 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its holdings in shares of Incyte by 10.6% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 61,453 shares of the biopharmaceutical company’s stock worth $4,117,000 after purchasing an additional 5,865 shares in the last quarter. 93.09% of the stock is 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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