Incyte (INCY) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Incyte (NASDAQ:INCY) from a hold rating to a buy rating in a research note issued to investors on Wednesday. They currently have $73.00 price target on the biopharmaceutical company’s stock.

According to Zacks, “Incyte's Jakafi continues to drive growth propelled by increase in patient demand. Jakafi’s performance is expected to get a further boost with a potential label expansion of the drug. Incyte expects to submit an sNDA seeking approval of Jakafi in patients with steroid-refractory acute graft-versus-host disease in the third quarter of 2018. The recent FDA approval of Olumiant 2 mg is a positive as well as Incyte received a milestone payment from Lilly. However, Incyte suffered a huge setback with failure of the phase III study, ECHO-301, evaluating epacadostat in combination with Keytruda as it was one of the most promising candidates of the company. Further, the approval of the 4mg dose of baricitinib is doubtful.  Moreover, Incyte’s dependence on only Jakafi is concerning. Shares have underperformed the industry in the year so far.”

Other equities analysts also recently issued reports about the company. JMP Securities downgraded Incyte from an outperform rating to a market perform rating in a research report on Wednesday, August 1st. Oppenheimer set a $70.00 price objective on Incyte and gave the company a hold rating in a research report on Tuesday, July 17th. BidaskClub upgraded Incyte from a hold rating to a buy rating in a research report on Monday, August 20th. Cowen restated a buy rating on shares of Incyte in a research report on Tuesday, July 31st. Finally, Cantor Fitzgerald assumed coverage on Incyte in a research report on Monday, October 1st. They issued a neutral rating and a $73.00 price objective on the stock. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $94.43.

NASDAQ INCY traded up $0.81 on Wednesday, hitting $62.56. 1,671,986 shares of the company traded hands, compared to its average volume of 1,942,822. The company has a market capitalization of $14.68 billion, a PE ratio of 97.75 and a beta of 1.12. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.32 and a current ratio of 4.34. Incyte has a 52-week low of $60.22 and a 52-week high of $117.95.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 31st. The biopharmaceutical company reported $0.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.22. Incyte had a positive return on equity of 1.74% and a negative net margin of 5.92%. The business had revenue of $521.50 million for the quarter, compared to the consensus estimate of $510.70 million. During the same period in the previous year, the business earned ($0.06) earnings per share. The business’s revenue was up 59.8% on a year-over-year basis. On average, sell-side analysts forecast that Incyte will post 0.43 EPS for the current year.

In other news, EVP Barry P. Flannelly sold 1,000 shares of Incyte stock in a transaction dated Wednesday, October 3rd. The stock was sold at an average price of $70.00, for a total value of $70,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Paula J. Swain sold 10,000 shares of Incyte stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $70.00, for a total value of $700,000.00. Following the completion of the sale, the executive vice president now directly owns 42,324 shares in the company, valued at $2,962,680. The disclosure for this sale can be found here. Insiders sold 31,000 shares of company stock worth $2,202,100 over the last ninety days. Insiders own 17.20% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Assetmark Inc. increased its stake in Incyte by 221.5% during the first quarter. Assetmark Inc. now owns 1,405 shares of the biopharmaceutical company’s stock worth $117,000 after acquiring an additional 968 shares during the last quarter. Resources Investment Advisors Inc. increased its stake in Incyte by 93.8% during the second quarter. Resources Investment Advisors Inc. now owns 1,738 shares of the biopharmaceutical company’s stock worth $116,000 after acquiring an additional 841 shares during the last quarter. Point72 Asia Hong Kong Ltd increased its stake in Incyte by 1,446.4% during the first quarter. Point72 Asia Hong Kong Ltd now owns 2,134 shares of the biopharmaceutical company’s stock worth $178,000 after acquiring an additional 1,996 shares during the last quarter. First Mercantile Trust Co. increased its stake in Incyte by 75.8% during the second quarter. First Mercantile Trust Co. now owns 2,157 shares of the biopharmaceutical company’s stock worth $145,000 after acquiring an additional 930 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new stake in Incyte during the second quarter worth approximately $161,000. 91.57% of the stock is currently owned by hedge funds and other institutional investors.

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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