Zacks reaffirmed their neutral rating on shares of Incyte (NASDAQ: INCY) in a report issued on Monday. They currently have a $23.00 target price on the stock.
Zacks’ analyst wrote, “Incyte reported earnings of $0.14 per share in the fourth quarter of 2012 as opposed to a loss of $0.44 per share suffered in the year-ago quarter. Results were boosted by higher revenues. We are pleased by the US and European approval of Jakafi (known as Jakavi in Europe) for patients with myelofibrosis. The company expects 2013 sales of Jakafi in the range of $210-$225 million. We believe that the experience gained from marketing Jakafi should be helpful for future product launches. The company is also looking to expand Jakafi’s label. However, we remain concerned about the company’s dependence on a single product for growth. We retain our Neutral stance on the stock.”
INCY has been the subject of a number of other recent research reports. Analysts at Barclays Capital raised their price target on shares of Incyte from $19.00 to $21.00 in a research note to investors on Friday, February 15th. They now have an equal weight rating on the stock. Separately, analysts at Jefferies Group cut their EPS estimates on shares of Incyte in a research note on Friday. They now have a buy rating and a $36.00 price target on the stock. Finally, analysts at Morgan Stanley downgraded shares of Incyte from an equal weight rating to an underweight rating in a research note to investors on Wednesday, January 23rd. They now have a $14.00 price target on the stock.
Thirteen investment analysts have rated the stock with a buy rating, three have issued a hold rating, and one has issued a sell rating to the company’s stock. The stock has a consensus rating of overweight and an average target price of $25.08.
Shares of Incyte opened at 21.86 on Monday. Incyte has a 52 week low of $15.43 and a 52 week high of $26.30. The stock’s 50-day moving average is currently $18.72. The company’s market cap is $2.868 billion.
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