Incyte (INCY) Raised to Buy at Zacks Investment Research

Share on StockTwits

Zacks Investment Research upgraded shares of Incyte (NASDAQ:INCY) from a hold rating to a buy rating in a research report report published on Wednesday. The firm currently has $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 research analysts have also recently issued research reports about the company. JMP Securities cut Incyte from an outperform rating to a market perform rating in a report on Wednesday, August 1st. Oppenheimer set a $70.00 price objective on Incyte and gave the stock a hold rating in a report on Tuesday, July 17th. BidaskClub upgraded Incyte from a hold rating to a buy rating in a report on Monday, August 20th. Cowen reiterated a buy rating on shares of Incyte in a report on Tuesday, July 31st. Finally, Cantor Fitzgerald began coverage on Incyte in a report on Monday, October 1st. They issued a neutral rating and a $73.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $94.43.

INCY stock traded up $0.81 during trading on Wednesday, hitting $62.56. 1,671,986 shares of the company traded hands, compared to its average volume of 1,942,822. The stock has a market capitalization of $14.68 billion, a PE ratio of 97.75 and a beta of 1.12. Incyte has a 1 year low of $60.22 and a 1 year high of $117.95. 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 (NASDAQ:INCY) last issued its earnings results on Tuesday, July 31st. The biopharmaceutical company reported $0.26 earnings per share for the quarter, beating the 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%. Incyte’s quarterly revenue was up 59.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.06) EPS. Analysts anticipate that Incyte will post 0.43 EPS for the current year.

In related news, EVP Paula J. Swain sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $70.00, for a total transaction of $700,000.00. Following the completion of the transaction, the executive vice president now owns 42,324 shares of the company’s stock, valued at approximately $2,962,680. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Barry P. Flannelly sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $70.00, for a total value of $70,000.00. The disclosure for this sale can be found here. Insiders sold a total of 31,000 shares of company stock valued at $2,202,100 in the last three months. Corporate insiders own 17.20% of the company’s stock.

A number of hedge funds have recently bought and sold shares of INCY. Manning & Napier Group LLC increased its position in Incyte by 128.5% during the 2nd quarter. Manning & Napier Group LLC now owns 4,284,594 shares of the biopharmaceutical company’s stock valued at $287,067,000 after buying an additional 2,409,374 shares in the last quarter. Point72 Asset Management L.P. increased its position in Incyte by 2,263.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,299,673 shares of the biopharmaceutical company’s stock valued at $87,078,000 after buying an additional 1,244,673 shares in the last quarter. Frontier Capital Management Co. LLC increased its position in Incyte by 146.5% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 996,359 shares of the biopharmaceutical company’s stock valued at $66,756,000 after buying an additional 592,132 shares in the last quarter. Orbimed Advisors LLC bought a new position in Incyte during the 2nd quarter valued at approximately $29,346,000. Finally, First Trust Advisors LP increased its position in Incyte by 45.4% during the 2nd quarter. First Trust Advisors LP now owns 854,987 shares of the biopharmaceutical company’s stock valued at $57,284,000 after buying an additional 267,057 shares in the last quarter. 91.57% of the stock is owned by 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.

Recommended Story: Book Value Per Share in Stock Trading

Get a free copy of the Zacks research report on Incyte (INCY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Incyte (NASDAQ:INCY)

Receive News & Ratings for Incyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Incyte and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply