Trading Report: The BMO Capital Markets Boosts Incyte Corp. (INCY) Price Target to $121.00

The BMO Capital Markets Boosts Incyte Corp. (INCY) Price Target to $121.00

Incyte Corp. (NASDAQ:INCY) had its price objective lifted by BMO Capital Markets from $100.00 to $121.00 in a research report report published on Friday. BMO Capital Markets currently has an outperform rating on the biopharmaceutical company’s stock.

INCY has been the subject of a number of other reports. RBC Capital Markets reaffirmed an outperform rating and issued a $116.00 target price on shares of Incyte Corp. in a research note on Wednesday, September 28th. Barclays PLC upped their target price on shares of Incyte Corp. from $85.00 to $100.00 and gave the stock an overweight rating in a research note on Wednesday, August 10th. Piper Jaffray Cos. reaffirmed a buy rating and issued a $102.00 target price (up from $76.00) on shares of Incyte Corp. in a research note on Monday, August 1st. SunTrust Banks Inc. began coverage on shares of Incyte Corp. in a research note on Friday, August 5th. They issued a buy rating and a $105.00 target price for the company. Finally, JMP Securities reaffirmed an outperform rating and issued a $100.00 target price on shares of Incyte Corp. in a research note on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $105.40.

Shares of Incyte Corp. (NASDAQ:INCY) opened at 92.11 on Friday. The stock has a 50 day moving average price of $86.25 and a 200 day moving average price of $81.33. Incyte Corp. has a 12 month low of $55.00 and a 12 month high of $124.98. The firm has a market cap of $17.32 billion, a PE ratio of 250.30 and a beta of 0.54.

Incyte Corp. (NASDAQ:INCY) last announced its earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.20. The firm earned $208 million during the quarter, compared to analyst estimates of $236.91 million. Incyte Corp. had a net margin of 7.87% and a return on equity of 37.76%. The company’s revenue for the quarter was up 51.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.05 EPS. On average, equities research analysts expect that Incyte Corp. will post $0.19 EPS for the current year.

In other Incyte Corp. news, EVP Reid M. Huber sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $87.96, for a total transaction of $879,600.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Paula J. Swain sold 20,000 shares of the stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $90.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now owns 49,248 shares in the company, valued at approximately $4,432,320. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.

Several hedge funds have recently bought and sold shares of INCY. Vanguard Group Inc. raised its stake in Incyte Corp. by 2.9% in the second quarter. Vanguard Group Inc. now owns 11,973,101 shares of the biopharmaceutical company’s stock valued at $957,608,000 after buying an additional 340,717 shares in the last quarter. Capital World Investors raised its stake in Incyte Corp. by 1.3% in the second quarter. Capital World Investors now owns 10,686,491 shares of the biopharmaceutical company’s stock valued at $854,706,000 after buying an additional 134,000 shares in the last quarter. Capital International Investors raised its stake in Incyte Corp. by 9.2% in the second quarter. Capital International Investors now owns 5,918,033 shares of the biopharmaceutical company’s stock valued at $473,324,000 after buying an additional 499,536 shares in the last quarter. FMR LLC raised its stake in Incyte Corp. by 2.1% in the second quarter. FMR LLC now owns 4,971,659 shares of the biopharmaceutical company’s stock valued at $397,633,000 after buying an additional 100,334 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Incyte Corp. by 5.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,143,431 shares of the biopharmaceutical company’s stock valued at $331,392,000 after buying an additional 207,712 shares in the last quarter. Institutional investors and hedge funds own 92.32% of the company’s stock.

About Incyte Corp.

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