Incyte Corporation (NASDAQ:INCY) Stock Has Consensus Price Target of $124.80 According to Brokerages

Incyte Corporation (NASDAQ:INCY) has earned a consensus rating of “Moderate Buy” from the twenty-five research firms that are presently covering the firm, MarketBeat Ratings reports. Thirteen analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $127.45.

Several equities analysts have recently weighed in on INCY shares. Citigroup reaffirmed a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. JPMorgan Chase & Co. boosted their price target on Incyte from $120.00 to $123.00 and gave the stock a “neutral” rating in a research report on Monday, September 28th. Morgan Stanley set a $119.00 price objective on Incyte in a research note on Wednesday, July 29th. Mizuho increased their price objective on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Finally, Piper Sandler raised their target price on shares of Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research note on Monday, August 17th.

Insiders Place Their Bets

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the business’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 transaction, the insider directly owned 183,200 shares in the company, valued at $23,002,592. The trade was a 5.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 sale, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% 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.

Hedge Funds Weigh In On Incyte

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Incyte during the 2nd quarter worth approximately $2,044,189,000. Wellington Management Group LLP raised its stake in Incyte by 9.5% in the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock valued at $405,321,000 after acquiring an additional 309,385 shares during the period. Los Angeles Capital Management LLC raised its stake in Incyte by 30.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company’s stock valued at $211,927,000 after acquiring an additional 527,703 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Incyte by 10.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock valued at $185,873,000 after purchasing an additional 187,354 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in Incyte during the second quarter worth $182,054,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Price Performance

Shares of Incyte stock opened at $112.73 on Wednesday. The firm has a market cap of $22.85 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 3.47 and a beta of 0.74. The stock’s 50-day moving average is $123.37 and its 200-day moving average is $109.73. Incyte has a one year low of $82.82 and a one year high of $132.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the company earned $1.57 earnings per share. Incyte’s quarterly revenue was up 37.7% on a year-over-year basis. On average, equities analysts expect that Incyte will post 2.52 EPS for the current year.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.