Brokerages Set Incyte Corporation (NASDAQ:INCY) PT at $124.05

Incyte Corporation (NASDAQ:INCY) has received a consensus recommendation of “Moderate Buy” from the twenty-four brokerages that are covering the company, Marketbeat reports. Twelve research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $124.05.

INCY has been the topic of a number of analyst reports. Royal Bank Of Canada raised their target price on Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 29th. Citigroup reissued a “buy” rating on shares of Incyte in a report on Monday, August 3rd. Oppenheimer restated a “market perform” rating and issued a $120.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. Piper Sandler upped their target price on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 1st.

Insider Buying and Selling at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

Several large investors have recently bought and sold shares of INCY. Greenleaf Trust boosted its stake in shares of Incyte by 2.8% in the second quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock worth $381,000 after acquiring an additional 93 shares during the last quarter. Jacobi Capital Management LLC raised its stake in Incyte by 0.9% in the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock valued at $1,048,000 after purchasing an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in Incyte by 0.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after purchasing an additional 100 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in Incyte by 7.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after purchasing an additional 113 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after purchasing an additional 124 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Price Performance

INCY opened at $126.01 on Friday. The firm has a fifty day moving average price of $121.58 and a 200 day moving average price of $106.40. Incyte has a 1 year low of $81.09 and a 1 year high of $132.60. The stock has a market cap of $25.54 billion, a P/E ratio of 16.05, a P/E/G ratio of 3.62 and a beta of 0.77.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm’s revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the business earned $1.57 earnings per share. Equities analysts expect that Incyte will post 2.64 EPS for the current year.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.