Incyte Corporation (NASDAQ:INCY) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts give Incyte a “Moderate Buy” consensus from 24 brokerages, with 11 buy ratings, 12 holds and one strong buy. The average 12-month price target is $124.05.
• Incyte reported quarterly EPS of $3.09, beating estimates of $2.15, while revenue reached $1.67 billion, up 37.7% year over year and above expectations.
• Institutional investors own 96.97% of the stock, while insiders own 16.20%; two executives recently sold shares under pre-arranged Rule 10b5-1 trading plans.

Incyte Corporation (NASDAQ:INCY - Get Free Report) has been assigned an average rating of "Moderate Buy" from the twenty-four brokerages that are covering the company, Marketbeat.com reports. Twelve investment analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $124.05.

Several research firms recently commented on INCY. Wall Street Zen upgraded shares of Incyte from a "hold" rating to a "buy" rating in a research report on Saturday, August 29th. BMO Capital Markets reissued a "market perform" rating on shares of Incyte in a research note on Tuesday. UBS Group raised their target price on Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Guggenheim lifted their price target on Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Finally, Leerink Partners lifted their price target on Incyte from $131.00 to $155.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd.

Incyte Trading Down 1.0%

Incyte stock opened at $126.75 on Friday. The firm has a market cap of $25.69 billion, a PE ratio of 16.15, a P/E/G ratio of 3.72 and a beta of 0.77. Incyte has a 12 month low of $81.09 and a 12 month high of $132.60. The stock's 50 day simple moving average is $120.87 and its two-hundred day simple moving average is $105.87.

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

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the company's 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 completion of the transaction, the insider directly owned 183,200 shares of the company's stock, valued at $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the 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 transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Incyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its position in shares of Incyte by 11,644.8% during the 2nd quarter. California State Teachers Retirement System now owns 28,338,640 shares of the biopharmaceutical company's stock worth $3,212,468,000 after purchasing an additional 28,097,353 shares during the last quarter. BlackRock Inc. purchased a new stake in Incyte during the 2nd quarter worth approximately $2,044,189,000. Geode Capital Management LLC increased its stake in Incyte by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company's stock worth $491,500,000 after buying an additional 506,842 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Incyte by 9.5% during the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company's stock valued at $405,321,000 after acquiring an additional 309,385 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Incyte by 13.2% during 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 last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.

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