Incyte Corporation (NASDAQ:INCY) Receives Average Rating of “Hold” from Analysts

Incyte Corporation (NASDAQ:INCY) has been assigned a consensus rating of “Hold” from the twenty-two brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $104.00.

A number of equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 14th. Stifel Nicolaus increased their price objective on shares of Incyte from $120.00 to $123.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Jefferies Financial Group lowered shares of Incyte from a “buy” rating to a “hold” rating and lowered their price objective for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Citigroup reiterated a “buy” rating on shares of Incyte in a research report on Thursday, May 21st. Finally, Weiss Ratings upgraded shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction on 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 owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors have recently bought and sold shares of the business. Edgestream Partners L.P. lifted 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 valued at $14,821,000 after purchasing an additional 146,367 shares during the last quarter. Oddo BHF Asset Management Sas lifted 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 valued at $3,621,000 after purchasing an additional 1,554 shares during the last quarter. Bull Harbor Capital LLC purchased a new stake in shares of Incyte in the first quarter valued at $1,362,000. Opal Capital LLC purchased a new stake in shares of Incyte in the first quarter valued at $232,000. Finally, Amundi raised its stake 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 acquiring an additional 229,783 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $97.34 on Thursday. 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 firm has a fifty day moving average price of $95.69 and a 200 day moving average price of $99.47. Incyte has a fifty-two week low of $63.92 and a fifty-two week high of $112.29. The firm has a market cap of $19.45 billion, a price-to-earnings ratio of 13.75, a P/E/G ratio of 0.93 and a beta of 0.79.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping 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 firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the business earned $1.16 earnings per share. Incyte’s revenue for the quarter was up 20.9% on a year-over-year basis. As a group, sell-side analysts expect that Incyte will post 6.74 earnings per share for the current fiscal year.

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.