Piper Jaffray started coverage on shares of Incyte Corp. (NASDAQ:INCY) in a report released on Tuesday morning, TheFlyOnTheWall.com reports. The firm issued an overweight rating and a $56.00 target price on the stock.
“We are initiating, resuming or assuming coverage on 16 biotechnology companies. We believe the outlook for the biotech sector in 2014 remains strong, although the tape may be somewhat choppy as the average large-cap biotech growth stock multiple is now above that of growth stocks in other sectors. However, with long product cycles, attractive pipeline assets not reflected in valuations, new clinical data and commercial catalysts and potential for further increases to consensus, we believe biotech will still deliver attractive returns to investors. Our top large-cap picks are GILD, AMGN and ALXN. Our top small/mid cap picks are GWPH, NKTR, CMRX, INSM, VNDA and RPRX.,” Piper Jaffray’s analyst commented.
Other equities research analysts have also recently issued reports about the stock. Analysts at Brean Capital raised their price target on shares of Incyte Corp. from $45.00 to $52.00 in a research note to investors on Friday, November 15th. They now have a buy rating on the stock. Separately, analysts at Zacks reiterated a neutral rating on shares of Incyte Corp. in a research note to investors on Monday, November 4th. They now have a $42.00 price target on the stock. Finally, analysts at UBS AG raised their price target on shares of Incyte Corp. from $42.00 to $47.00 in a research note to investors on Friday, November 1st. They now have a buy rating on the stock. Two analysts have rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $41.43.
Incyte Corp. (NASDAQ:INCY) traded down 2.02% on Tuesday, hitting $46.56. 952,273 shares of the company’s stock traded hands. Incyte Corp. has a 52-week low of $15.78 and a 52-week high of $50.14. The stock has a 50-day moving average of $40.79 and a 200-day moving average of $30.91. The company’s market cap is $7.502 billion.
Incyte Corp. (NASDAQ:INCY) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.14) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.13) by $0.01. The company had revenue of $85.10 million for the quarter, compared to the consensus estimate of $81.40 million. During the same quarter in the prior year, the company posted ($0.17) earnings per share. The company’s quarterly revenue was up 40.7% on a year-over-year basis. Analysts expect that Incyte Corp. will post $-0.39 EPS for the current fiscal year.
Incyte Corporation (NASDAQ:INCY) is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat serious unmet medical needs.
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