Incyte (NASDAQ:INCY) Hits New 12-Month High – What’s Next?

Incyte Corporation (NASDAQ:INCY) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $116.00 and last traded at $113.81, with a volume of 1643822 shares changing hands. The stock had previously closed at $113.36.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on INCY shares. BMO Capital Markets upgraded Incyte from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $75.00 to $94.00 in a report on Monday, June 22nd. Truist Financial upped their price target on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Stifel Nicolaus set a $123.00 price objective on shares of Incyte in a research note on Tuesday, June 9th. Citigroup reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, June 2nd. Finally, UBS Group lifted their price target on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Eight research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $107.85.

Incyte Trading Up 0.4%

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 company has a market cap of $22.74 billion, a PE ratio of 16.07, a P/E/G ratio of 1.03 and a beta of 0.75. The business’s 50-day simple moving average is $100.32 and its 200-day simple moving average is $99.58.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the company posted $1.16 EPS. Incyte’s revenue was up 20.9% on a year-over-year basis. As a group, analysts expect that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the sale, the insider owned 262,692 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of INCY. Elyxium Wealth LLC acquired a new stake in shares of Incyte during the 4th quarter valued at about $28,000. Smithfield Trust Co grew its stake in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 162 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in Incyte in the second quarter worth approximately $32,000. CYBER HORNET ETFs LLC acquired a new position in Incyte in the second quarter worth approximately $33,000. Finally, Leonteq Securities AG bought a new position in Incyte during the fourth quarter valued at approximately $35,000. 96.97% of the stock is 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.