Incyte Corporation (NASDAQ:INCY) Given Consensus Recommendation of “Hold” by Brokerages

Incyte Corporation (NASDAQ:INCY) has been assigned a consensus recommendation of “Hold” from the twenty research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $99.7857.

A number of analysts have weighed in on the company. Oppenheimer cut Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. Barclays upped their target price on Incyte from $101.00 to $115.00 and gave the stock an “overweight” rating in a research report on Monday, November 24th. Stifel Nicolaus boosted their price objective on shares of Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Finally, Wells Fargo & Company upped their price objective on shares of Incyte from $97.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday, December 8th.

Incyte Price Performance

NASDAQ INCY opened at $100.11 on Monday. The company has a quick ratio of 3.13, a current ratio of 3.20 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $19.65 billion, a PE ratio of 16.77, a price-to-earnings-growth ratio of 0.68 and a beta of 0.81. Incyte has a 12-month low of $53.56 and a 12-month high of $109.28. The company has a 50 day moving average price of $99.59 and a two-hundred day moving average price of $85.96.

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

Insider Buying and Selling

In other Incyte news, EVP Steven H. Stein sold 20,105 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $102.51, for a total value of $2,060,963.55. Following the sale, the executive vice president owned 63,129 shares of the company’s stock, valued at $6,471,353.79. This trade represents a 24.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Sheila A. Denton sold 598 shares of Incyte stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total value of $60,613.28. Following the completion of the transaction, the executive vice president directly owned 26,569 shares in the company, valued at approximately $2,693,033.84. This represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 88,318 shares of company stock valued at $8,708,893 in the last quarter. Insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. grew its position in Incyte by 33.0% in the 1st quarter. Raymond James Financial Inc. now owns 69,762 shares of the biopharmaceutical company’s stock worth $4,224,000 after purchasing an additional 17,313 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Incyte by 8.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 8,509 shares of the biopharmaceutical company’s stock valued at $515,000 after buying an additional 686 shares during the period. Corebridge Financial Inc. grew its position in Incyte by 9.3% during the first quarter. Corebridge Financial Inc. now owns 43,250 shares of the biopharmaceutical company’s stock worth $2,619,000 after buying an additional 3,690 shares in the last quarter. WPG Advisers LLC bought a new position in Incyte during the first quarter valued at about $47,000. Finally, Canada Pension Plan Investment Board raised its holdings in Incyte by 148.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 245,926 shares of the biopharmaceutical company’s stock valued at $14,891,000 after acquiring an additional 146,926 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

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.