Incyte (NASDAQ:INCY) Sets New 1-Year High – Time to Buy?

Shares of Incyte Corporation (NASDAQ:INCY) reached a new 52-week high on Friday . The stock traded as high as $115.56 and last traded at $112.9250, with a volume of 470741 shares changing hands. The stock had previously closed at $107.53.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Stifel Nicolaus set a $123.00 target price on Incyte in a research report on Tuesday, June 9th. HC Wainwright reiterated a “buy” rating and issued a $140.00 price target on shares of Incyte in a research report on Wednesday. BMO Capital Markets upgraded Incyte from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $75.00 to $94.00 in a research note on Monday. Truist Financial lifted their price objective on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday. Finally, Oppenheimer restated a “market perform” rating and issued a $107.00 target price on shares of Incyte in a research note on Monday, June 8th. Eight analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and an average price target of $107.85.

Incyte Trading Up 6.6%

The company’s fifty day moving average price is $98.95 and its two-hundred day moving average price is $99.07. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The company has a market cap of $22.91 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 1.06 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, topping the consensus estimate of $1.38 by $0.43. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte’s revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.16 EPS. Research analysts expect that Incyte Corporation will post 6.61 earnings per share for the current year.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Institutional Trading of Incyte

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. grew its holdings in Incyte by 2.2% during the 1st quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company’s stock worth $163,869,000 after acquiring an additional 37,790 shares during the last quarter. Militia Capital Management LLC acquired a new stake in Incyte in the 1st quarter valued at about $339,000. NewEdge Advisors LLC raised its stake in shares of Incyte by 55.6% in the first quarter. NewEdge Advisors LLC now owns 20,416 shares of the biopharmaceutical company’s stock worth $1,922,000 after acquiring an additional 7,292 shares during the last quarter. Edgestream Partners L.P. raised its stake in shares of Incyte by 1,318.0% in the first quarter. Edgestream Partners L.P. now owns 157,472 shares of the biopharmaceutical company’s stock worth $14,821,000 after acquiring an additional 146,367 shares during the last quarter. Finally, Oddo BHF Asset Management Sas lifted its position in shares of 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 purchasing an additional 1,554 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.