Equities researchers at Mizuho initiated coverage on shares of Incyte (NASDAQ:INCY) in a note issued to investors on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $95.00 price target on the biopharmaceutical company’s stock. Mizuho’s price target indicates a potential upside of 26.89% from the company’s current price.
A number of other equities research analysts have also recently issued reports on INCY. Cowen reiterated a “buy” rating on shares of Incyte in a research report on Friday, September 27th. BMO Capital Markets started coverage on shares of Incyte in a research report on Thursday, September 12th. They issued a “market perform” rating and a $85.00 price objective for the company. Leerink Swann set a $90.00 price objective on shares of Incyte and gave the company a “hold” rating in a research report on Wednesday, July 31st. Morgan Stanley raised their price objective on shares of Incyte from $82.00 to $87.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Finally, JMP Securities raised their price objective on shares of Incyte from $107.00 to $110.00 and gave the company a “market outperform” rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $92.05.
Shares of Incyte stock traded down $0.01 during mid-day trading on Wednesday, reaching $74.87. 650,355 shares of the stock were exchanged, compared to its average volume of 1,325,509. The company has a market cap of $16.10 billion, a price-to-earnings ratio of 91.30 and a beta of 1.05. The company has a current ratio of 5.61, a quick ratio of 5.59 and a debt-to-equity ratio of 0.02. The firm has a 50-day simple moving average of $79.23 and a 200 day simple moving average of $80.86. Incyte has a fifty-two week low of $57.00 and a fifty-two week high of $89.30.
In other news, EVP Paula J. Swain sold 2,500 shares of Incyte stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $80.00, for a total transaction of $200,000.00. Following the completion of the sale, the executive vice president now owns 44,751 shares in the company, valued at approximately $3,580,080. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Barry P. Flannelly sold 959 shares of Incyte stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $79.91, for a total transaction of $76,633.69. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,183 shares of company stock valued at $9,094,694. 17.10% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the company. Commonwealth Bank of Australia grew its position in shares of Incyte by 49.2% during the 2nd quarter. Commonwealth Bank of Australia now owns 376 shares of the biopharmaceutical company’s stock worth $31,000 after buying an additional 124 shares during the period. Pathstone Family Office LLC acquired a new stake in shares of Incyte during the 2nd quarter worth approximately $34,000. Bremer Bank National Association acquired a new stake in shares of Incyte during the 1st quarter worth approximately $31,000. Captrust Financial Advisors acquired a new stake in shares of Incyte during the 2nd quarter worth approximately $35,000. Finally, First Manhattan Co. acquired a new stake in shares of Incyte during the 2nd quarter worth approximately $50,000. Institutional investors own 91.76% of the company’s stock.
Incyte Company Profile
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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