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

Shares of Incyte Corporation (NASDAQ:INCY) have been assigned an average recommendation of “Moderate Buy” from the twenty-five analysts that are currently covering the company, Marketbeat reports. Thirteen equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $124.05.

INCY has been the subject of a number of recent research reports. BMO Capital Markets reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, September 1st. JPMorgan Chase & Co. raised their price objective on shares of Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Canaccord Genuity Group assumed coverage on Incyte in a research report on Thursday, August 20th. They set a “buy” rating and a $152.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $150.00 target price on shares of Incyte in a research report on Thursday, August 20th. Finally, Truist Financial raised their price target on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Monday, June 22nd.

Incyte Stock Performance

Shares of INCY stock opened at $121.47 on Friday. Incyte has a fifty-two week low of $81.09 and a fifty-two week high of $132.60. The company has a 50 day moving average price of $121.80 and a 200 day moving average price of $106.66. The stock has a market capitalization of $24.62 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 3.58 and a beta of 0.77.

Incyte (NASDAQ:INCY) last released its earnings results 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 net margin of 27.71% and a return on equity of 29.93%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the business earned $1.57 EPS. The firm’s quarterly revenue was up 37.7% on a year-over-year basis. On average, research analysts forecast that Incyte will post 2.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Patrick Mayes sold 41,899 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, 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 through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of the firm’s 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 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 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. Insiders own 16.20% of the company’s stock.

Institutional Trading of Incyte

A number of hedge funds have recently added to or reduced their stakes in INCY. Sequoia Financial Advisors LLC grew its stake in shares of Incyte by 17.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 19,250 shares of the biopharmaceutical company’s stock valued at $2,182,000 after purchasing an additional 2,873 shares during the last quarter. Tidal Investments LLC raised its stake in shares of Incyte by 33.4% during the second quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock worth $11,657,000 after purchasing an additional 25,768 shares during the last quarter. WINTON GROUP Ltd lifted its holdings in shares of Incyte by 47.0% during the second quarter. WINTON GROUP Ltd now owns 254,408 shares of the biopharmaceutical company’s stock worth $28,840,000 after purchasing an additional 81,376 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Incyte by 69.5% in the 2nd quarter. NewEdge Advisors LLC now owns 34,605 shares of the biopharmaceutical company’s stock worth $3,923,000 after acquiring an additional 14,189 shares during the period. Finally, IFP Advisors Inc boosted its holdings in Incyte by 13.9% in the 2nd quarter. IFP Advisors Inc now owns 6,073 shares of the biopharmaceutical company’s stock valued at $688,000 after purchasing an additional 740 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

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.