Incyte (NASDAQ:INCY) Shares Break Above Fifty Day Moving Average – Here’s Why

Shares of Incyte Corporation (NASDAQ:INCY) passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $119.99 and traded as high as $123.33. Incyte shares last traded at $122.85, with a volume of 2,140,633 shares traded.

Analyst Ratings Changes

INCY has been the subject of several recent analyst reports. Morgan Stanley began coverage on Incyte in a report on Tuesday, October 20th. They issued an “equal weight” rating and a $119.00 target price for the company. JPMorgan Chase & Co. lifted their price target on Incyte from $120.00 to $123.00 and gave the stock a “neutral” rating in a report on Monday, September 28th. Barclays boosted their price objective on Incyte from $139.00 to $143.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Leerink Partners boosted their price objective on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Finally, Royal Bank Of Canada upped their price objective on Incyte from $114.00 to $117.00 and gave the company a “sector perform” rating in a research note on Friday, October 30th. Twelve investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $133.10.

Incyte Price Performance

The stock’s 50 day simple moving average is $119.99 and its two-hundred day simple moving average is $108.37. The stock has a market capitalization of $25.04 billion, a PE ratio of 65.35, a PEG ratio of 4.28 and a beta of 0.78.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.93) by $0.33. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.46 billion. Incyte had a net margin of 6.71% and a return on equity of 7.92%. Incyte’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.26 EPS. As a group, equities research analysts predict that Incyte Corporation will post 2.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, insider Pablo Cagnoni sold 10,801 shares of the stock in a transaction on Wednesday, August 19th. The stock was 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 of the company’s stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Fiduciary Financial Advisors purchased a new stake in Incyte in the 2nd quarter worth about $26,000. Provenance Wealth Advisors LLC purchased a new stake in Incyte during the third quarter valued at about $33,000. Continuum Advisory LLC purchased a new stake in Incyte during the second quarter valued at about $36,000. Latitude Advisors LLC purchased a new stake in Incyte during the third quarter valued at about $39,000. Finally, Quantbot Technologies LP bought a new position in Incyte during the second quarter worth about $52,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.