Incyte Corporation (NASDAQ:INCY) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts have a Moderate Buy consensus on Incyte, with 12 buy, 12 hold and one strong-buy rating among 25 analysts. The average 12-month price target is $124.80.
• Incyte posted quarterly EPS of $3.09, beating the $2.15 consensus estimate, while revenue reached $1.67 billion and rose 37.7% year over year.
• FDA approval of Atebrioz, developed with Mirum Pharmaceuticals for the rare disorder FOP, may create royalty and commercial opportunities; analysts also cited Incyte’s KRAS G12D pipeline as a growth catalyst.

Incyte Corporation (NASDAQ:INCY - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twenty-five ratings firms that are presently covering the company, MarketBeat reports. Twelve analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $124.80.

Several brokerages have recently weighed in on INCY. Benchmark restated a "buy" rating on shares of Incyte in a research report on Thursday, August 20th. Truist Financial lifted their price target on shares of Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a research note on Monday, June 22nd. Weiss Ratings raised shares of Incyte from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Sanford C. Bernstein restated a "market perform" rating and issued a $104.00 price objective on shares of Incyte in a research note on Thursday, August 13th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Incyte in a report on Friday, September 11th.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $123.20 on Wednesday. Incyte has a fifty-two week low of $82.82 and a fifty-two week high of $132.60. The firm has a market capitalization of $24.97 billion, a PE ratio of 15.69, a price-to-earnings-growth ratio of 3.63 and a beta of 0.77. The stock's 50-day simple moving average is $123.73 and its 200-day simple moving average is $108.91.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm's quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.57 earnings per share. On average, sell-side analysts forecast that Incyte will post 2.64 earnings per share for the current fiscal year.

Key Headlines Impacting Incyte

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: The U.S. FDA approved Atebrioz, developed by Mirum Pharmaceuticals and Incyte, for fibrodysplasia ossificans progressiva (FOP), an ultra-rare genetic disorder that causes abnormal bone formation. The approval was supported by PROGRESS trial data showing a reduction in new heterotopic-ossification lesion volume, creating a potential commercial and royalty opportunity for Incyte. FDA approval article
• Positive Sentiment: H.C. Wainwright reiterated a Buy rating and raised its price target to $152 from $150, implying roughly 23% upside from the referenced share price. Analyst Mitchell Kapoor cited Atebrioz’s approval and Incyte’s KRAS G12D pipeline, including its lead program, as catalysts for additional growth. H.C. Wainwright rating article
• Positive Sentiment: A separate report highlighted an increase in an Atebrioz-related target, reinforcing the view that the approval and Incyte’s broader pipeline could support the company’s valuation. Atebrioz target hike article
• Neutral Sentiment: JPMorgan raised its price target to $123 from $120 but maintained a Neutral rating, indicating limited near-term upside at the referenced trading level. JPMorgan price target report

Insider Buying and Selling

In other Incyte news, insider Pablo Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred 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 owned 183,200 shares of the company's stock, valued at $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. 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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fiduciary Financial Advisors purchased a new position in shares of Incyte during the second quarter worth about $26,000. Continuum Advisory LLC purchased a new stake in Incyte during the 2nd quarter valued at approximately $36,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Incyte during the 4th quarter valued at approximately $35,000. Quantbot Technologies LP acquired a new stake in Incyte during the 2nd quarter worth approximately $52,000. Finally, Hantz Financial Services Inc. lifted its position in Incyte by 54.4% during the 4th quarter. Hantz Financial Services Inc. now owns 522 shares of the biopharmaceutical company's stock worth $52,000 after acquiring an additional 184 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Company Profile

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.

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