Incyte Corporation (NASDAQ:INCY) Stock Has Average Price Target of $129.90

Key Points

• Analysts hold a neutral view: Twenty-five firms give Incyte an average “Hold” rating, with an average 12-month price target of $129.90 versus the stock’s $115.71 opening price.
• Recent earnings exceeded expectations: Incyte reported quarterly EPS of $3.09, beating the $2.15 consensus estimate, while revenue rose 37.7% year over year to $1.67 billion.
• Insiders have been selling shares: Company insiders sold 55,342 shares worth approximately $6.66 million over the past three months, although institutional investors remain heavily involved, owning 96.97% of the stock.

Incyte Corporation (NASDAQ:INCY - Get Free Report) has been given an average recommendation of "Hold" by the twenty-five research firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $129.90.

INCY has been the subject of several recent research reports. UBS Group reiterated a "neutral" rating and issued a $127.00 price target on shares of Incyte in a report on Monday, October 5th. Wall Street Zen cut Incyte from a "buy" rating to a "hold" rating in a research note on Saturday, October 10th. Mizuho upped their target price on Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Stifel Nicolaus upped their target price on Incyte from $145.00 to $157.00 and gave the stock a "buy" rating in a research report on Monday, October 5th. Finally, Guggenheim increased their price objective on shares of Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th.

Insiders Place Their Bets

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares of the company's stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Incyte stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. This trade 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. Over the last three months, insiders have sold 55,342 shares of company stock worth $6,659,208. Corporate insiders own 16.20% of the company's stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INCY. Trails Edge Capital Partners LP purchased a new position in Incyte in the second quarter valued at about $17,570,800. Twin Capital Management Inc. acquired a new stake in Incyte during the 1st quarter valued at approximately $875,000. BlackRock Inc. purchased a new stake in Incyte during the 2nd quarter worth approximately $2,044,189,000. Tidal Investments LLC increased its holdings in Incyte by 33.4% during the 2nd 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. Finally, Mediolanum International Funds Ltd increased its holdings in Incyte by 25.4% during the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company's stock worth $5,447,000 after purchasing an additional 12,227 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Down 1.0%

INCY opened at $115.71 on Friday. Incyte has a 52-week low of $84.02 and a 52-week high of $132.60. The company has a 50 day moving average of $121.40 and a two-hundred day moving average of $111.50. The company has a market cap of $23.45 billion, a P/E ratio of 14.74, a P/E/G ratio of 4.28 and a beta of 0.74.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business's revenue for the quarter was up 37.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.57 EPS. Research analysts anticipate that Incyte will post 1.97 earnings per share for the current year.

About Incyte

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.

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