Incyte Corporation (NASDAQ:INCY) Receives $105.10 Consensus Target Price from Analysts

Shares of Incyte Corporation (NASDAQ:INCY) have been assigned a consensus recommendation of “Hold” from the twenty-two research firms that are covering the company, Marketbeat reports. Fourteen research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $107.85.

A number of brokerages have weighed in on INCY. Barclays reiterated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Sanford C. Bernstein began coverage on shares of Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 target price for the company. BMO Capital Markets upgraded shares of Incyte from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $75.00 to $94.00 in a research report on Monday, June 22nd. UBS Group increased their target price on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, TD Cowen reiterated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INCY. Geode Capital Management LLC boosted its position in shares of Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock valued at $491,500,000 after acquiring an additional 506,842 shares during the period. Invesco Ltd. boosted its position in shares of Incyte by 13.2% in the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after acquiring an additional 405,611 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Incyte by 13.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after acquiring an additional 373,298 shares during the period. Morgan Stanley boosted its position in shares of Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock valued at $263,106,000 after acquiring an additional 23,087 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Incyte by 7.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock valued at $245,028,000 after acquiring an additional 161,405 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

NASDAQ INCY opened at $113.75 on Monday. Incyte has a 52-week low of $66.83 and a 52-week high of $115.56. The company has a 50-day simple moving average of $99.28 and a 200 day simple moving average of $99.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The company has a market capitalization of $22.72 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 1.11 and a beta of 0.79.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business earned $1.16 earnings per share. On average, research analysts predict that Incyte will post 6.61 EPS for the current 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.