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

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

Analyst Ratings Changes

Several research firms recently issued reports on INCY. Sanford C. Bernstein began coverage on shares of Incyte in a research note on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective for the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Incyte in a research report on Monday. Oppenheimer reiterated a “market perform” rating and set a $107.00 target price on shares of Incyte in a research note on Monday, June 8th. TD Cowen reissued a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Finally, Jefferies Financial Group lowered shares of Incyte from a “buy” rating to a “hold” rating and cut their price objective for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Eight investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $107.85.

Incyte Stock Up 0.4%

The stock has a market capitalization of $22.74 billion, a P/E ratio of 16.07, a P/E/G ratio of 1.03 and a beta of 0.75. 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 firm’s fifty day moving average is $100.32 and its 200-day moving average is $99.58.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.43. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.16 earnings per share. As a group, equities research analysts predict that Incyte Corporation will post 6.61 earnings per share for the current year.

Insider Activity at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing 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. 16.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors have recently bought and sold shares of the business. Elyxium Wealth LLC acquired a new position in Incyte in the fourth quarter worth $28,000. Smithfield Trust Co increased its stake in shares of Incyte by 135.0% in the fourth 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 stake in shares of Incyte in the second quarter valued at $32,000. CYBER HORNET ETFs LLC bought a new position in shares of Incyte in the second quarter valued at about $33,000. Finally, Leonteq Securities AG acquired a new position in Incyte during the 4th quarter worth about $35,000. Institutional investors own 96.97% of the company’s stock.

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.