Incyte Corporation (NASDAQ:INCY) Receives $104.00 Average PT from Analysts

Shares of Incyte Corporation (NASDAQ:INCY) have received a consensus recommendation of “Hold” from the twenty-two research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation and ten have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $104.00.

INCY has been the subject of several analyst reports. Jefferies Financial Group cut shares of Incyte from a “buy” rating to a “hold” rating and cut their price target for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Piper Sandler increased their price target on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Morgan Stanley set a $102.00 price target on shares of Incyte in a report on Wednesday, February 11th. Citigroup reissued a “buy” rating on shares of Incyte in a report on Thursday, May 21st. Finally, Royal Bank Of Canada cut their price target on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a report on Wednesday, February 11th.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $96.74 on Thursday. The company has a 50-day simple moving average of $95.84 and a 200-day simple moving average of $99.39. Incyte has a one year low of $63.92 and a one year high of $112.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The stock has a market capitalization of $19.33 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 0.93 and a beta of 0.79.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the prior year, the company earned $1.16 earnings per share. The business’s revenue was up 20.9% compared to the same quarter last year. On average, analysts predict that Incyte will post 6.74 EPS for the current year.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Edgestream Partners L.P. grew its position in Incyte by 1,318.0% during the first quarter. Edgestream Partners L.P. now owns 157,472 shares of the biopharmaceutical company’s stock worth $14,821,000 after buying an additional 146,367 shares during the period. Oddo BHF Asset Management Sas grew its position in Incyte by 4.2% during the first quarter. Oddo BHF Asset Management Sas now owns 38,473 shares of the biopharmaceutical company’s stock worth $3,621,000 after buying an additional 1,554 shares during the period. Bull Harbor Capital LLC acquired a new position in Incyte during the first quarter worth about $1,362,000. Opal Capital LLC acquired a new stake in shares of Incyte in the first quarter valued at approximately $232,000. Finally, Amundi grew its position in shares of Incyte by 29.7% in the first quarter. Amundi now owns 1,003,969 shares of the biopharmaceutical company’s stock valued at $94,494,000 after purchasing an additional 229,783 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

About Incyte

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.