Incyte (NASDAQ:INCY) Trading Up 6.2% – Should You Buy?

Incyte Corporation (NASDAQ:INCY)’s stock price shot up 6.2% on Wednesday . The stock traded as high as $98.27 and last traded at $98.00. 738,059 shares were traded during mid-day trading, a decline of 56% from the average session volume of 1,669,288 shares. The stock had previously closed at $92.24.

Analysts Set New Price Targets

Several research firms have recently weighed in on INCY. Wells Fargo & Company lowered their price objective on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 11th. HC Wainwright reaffirmed a “buy” rating and issued a $135.00 target price on shares of Incyte in a research report on Thursday, May 21st. Jefferies Financial Group lowered Incyte from a “buy” rating to a “hold” rating and decreased their target price for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Barclays reaffirmed an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Finally, Morgan Stanley set a $102.00 target price on Incyte in a research report on Wednesday, February 11th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $104.00.

Incyte Price Performance

The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $95.89 and a 200 day simple moving average of $99.25. The stock has a market capitalization of $19.37 billion, a P/E ratio of 13.70, a price-to-earnings-growth ratio of 0.92 and a beta of 0.79.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.16 EPS. On average, analysts expect that Incyte Corporation will post 6.74 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Incyte

Institutional investors have recently modified their holdings of the business. Elyxium Wealth LLC bought a new position in shares of Incyte in the fourth quarter valued at approximately $28,000. Smithfield Trust Co increased its holdings in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 162 shares during the last quarter. University of Texas Texas AM Investment Management Co. purchased a new stake in Incyte in the fourth quarter worth $35,000. Atlas Capital Advisors Inc. purchased a new position in shares of Incyte in the fourth quarter worth about $35,000. Finally, Leonteq Securities AG purchased a new position in shares of Incyte in the fourth quarter worth about $35,000. 96.97% of the stock is owned by institutional investors.

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.