Incyte (NASDAQ:INCY) Sets New 12-Month High on Analyst Upgrade

Incyte Corporation (NASDAQ:INCY)’s share price hit a new 52-week high on Wednesday after Morgan Stanley raised their price target on the stock from $92.00 to $94.00. Morgan Stanley currently has an equal weight rating on the stock. Incyte traded as high as $110.93 and last traded at $110.5540, with a volume of 523756 shares. The stock had previously closed at $106.66.

INCY has been the subject of a number of other research reports. Wells Fargo & Company boosted their price objective on Incyte from $97.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday, December 8th. Truist Financial set a $103.00 target price on shares of Incyte in a research report on Wednesday, December 24th. Oppenheimer lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Royal Bank Of Canada raised their price objective on shares of Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 29th. Finally, Mizuho set a $121.00 price objective on shares of Incyte and gave the stock an “outperform” rating in a research report on Monday, December 8th. Eight analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $100.21.

Insider Activity

In related news, EVP Michael James Morrissey sold 4,323 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total value of $420,454.98. Following the completion of the sale, the executive vice president owned 27,507 shares of the company’s stock, valued at approximately $2,675,330.82. The trade was a 13.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Thomas Tray sold 2,774 shares of the stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $100.00, for a total value of $277,400.00. Following the completion of the transaction, the insider owned 22,973 shares in the company, valued at $2,297,300. This represents a 10.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 88,318 shares of company stock valued at $8,708,893. 17.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of INCY. Advisors Asset Management Inc. increased its position in Incyte by 16.0% in the 1st quarter. Advisors Asset Management Inc. now owns 13,518 shares of the biopharmaceutical company’s stock worth $819,000 after buying an additional 1,863 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Incyte by 26.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,467 shares of the biopharmaceutical company’s stock worth $3,964,000 after acquiring an additional 13,523 shares during the period. NewEdge Advisors LLC increased its position in Incyte by 369.3% during the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after acquiring an additional 9,913 shares during the period. Nissay Asset Management Corp Japan ADV raised its stake in Incyte by 1.3% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 20,627 shares of the biopharmaceutical company’s stock valued at $1,249,000 after purchasing an additional 256 shares during the last quarter. Finally, UniSuper Management Pty Ltd boosted its holdings in Incyte by 4.8% in the 1st quarter. UniSuper Management Pty Ltd now owns 28,328 shares of the biopharmaceutical company’s stock valued at $1,715,000 after purchasing an additional 1,300 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Up 3.4%

The firm’s 50-day simple moving average is $101.16 and its 200-day simple moving average is $87.53. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20. The company has a market capitalization of $21.66 billion, a price-to-earnings ratio of 18.56, a price-to-earnings-growth ratio of 0.61 and a beta of 0.82.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.61. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the company earned $1.07 earnings per share. The firm’s revenue was up 20.0% on a year-over-year basis. Sell-side analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current year.

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.