Leerink Partners Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Key Points

• Leerink Partners raised Incyte’s price target from $131 to $155 and maintained an “outperform” rating, implying roughly 29.7% upside from the stock’s current price.
• Analyst sentiment is mixed: nine analysts rate Incyte a Buy and 14 rate it a Hold, resulting in a consensus “Hold” rating and average price target of $119.60.
• Incyte reported strong quarterly results, with earnings of $3.09 per share versus the $2.15 consensus estimate and revenue of $1.67 billion, up 37.7% year over year.

Incyte (NASDAQ:INCY - Get Free Report) had its price objective boosted by equities researchers at Leerink Partners from $131.00 to $155.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the biopharmaceutical company's stock. Leerink Partners' price target indicates a potential upside of 29.69% from the stock's current price.

Several other research firms have also issued reports on INCY. Sanford C. Bernstein started coverage on shares of Incyte in a research note on Thursday, May 21st. They issued a "market perform" rating and a $99.00 price objective for the company. Barclays raised their target price on Incyte from $134.00 to $139.00 and gave the company an "overweight" rating in a report on Wednesday. Royal Bank Of Canada upped their price target on shares of Incyte from $99.00 to $109.00 and gave the company a "sector perform" rating in a report on Wednesday. Guggenheim lifted their price objective on Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, UBS Group lifted their price objective on Incyte from $103.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Nine research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, Incyte has a consensus rating of "Hold" and an average target price of $119.60.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $119.52 on Monday. The company has a market cap of $24.23 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 3.96 and a beta of 0.76. Incyte has a 52 week low of $73.81 and a 52 week high of $132.60. The firm has a 50 day simple moving average of $109.54 and a 200 day simple moving average of $102.21.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm's quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.57 EPS. On average, equities analysts predict that Incyte will post 2.5 earnings per share for the current year.

Institutional Trading of Incyte

A number of institutional investors and hedge funds have recently modified their holdings of INCY. Elyxium Wealth LLC acquired a new stake in Incyte during the fourth quarter worth $28,000. Smithfield Trust Co lifted its holdings in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 162 shares during the period. MUFG Securities EMEA plc acquired a new stake in shares of Incyte during the 2nd quarter valued at about $32,000. CYBER HORNET ETFs LLC bought a new position in Incyte during the second quarter worth about $33,000. Finally, Leonteq Securities AG acquired a new stake in Incyte in the 4th quarter valued at $35,000. 96.97% of the stock is currently owned by institutional investors.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company's research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company's flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.

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