Analysts Set Incyte Corporation (NASDAQ:INCY) Price Target at $104.00

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

Several research firms have weighed in on INCY. Wall Street Zen lowered Incyte from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Citigroup restated a “market perform” rating on shares of Incyte in a report on Tuesday. Sanford C. Bernstein began coverage on Incyte in a report on Thursday, May 21st. They set a “market perform” rating and a $99.00 target price on the stock. Wells Fargo & Company cut their target price on Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 11th. Finally, Oppenheimer raised their target price on Incyte from $84.00 to $90.00 and gave the company a “market perform” rating in a report on Wednesday, April 29th.

Insiders Place Their Bets

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction dated 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 sale, the insider directly 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 sale was disclosed in a document filed with the SEC, which can be accessed 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 company insiders.

Hedge Funds Weigh In On Incyte

A number of institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC increased 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 purchasing an additional 7,292 shares during the period. Edgestream Partners L.P. increased 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 purchasing an additional 146,367 shares during the period. Oddo BHF Asset Management Sas increased its stake in shares of Incyte by 4.2% in 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 during the period. Bull Harbor Capital LLC bought a new position in shares of Incyte in the first quarter worth about $1,362,000. Finally, Opal Capital LLC bought a new position in shares of Incyte in the first quarter worth about $232,000. 96.97% of the stock is currently owned by institutional investors.

Incyte Price Performance

NASDAQ INCY opened at $97.98 on Thursday. Incyte has a fifty-two week low of $66.30 and a fifty-two week high of $112.29. The stock’s 50-day moving average is $96.07 and its two-hundred day moving average is $99.09. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The firm has a market cap of $19.57 billion, a P/E ratio of 13.84, a price-to-earnings-growth ratio of 0.88 and a beta of 0.79.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company earned $1.16 earnings per share. The business’s revenue was up 20.9% compared to the same quarter last year. On average, analysts anticipate that Incyte will post 6.74 earnings per share for the current fiscal year.

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.