Incyte Corporation (NASDAQ:INCY) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Incyte Corporation has received an average recommendation of "Hold" from eighteen brokerages, with one sell rating, twelve hold ratings, and five buy ratings.
• The average 1-year price target for Incyte stock is $77.73, with notable price targets adjusted by BMO Capital Markets ($60.00) and Royal Bank Of Canada ($72.00).
• Incyte reported a quarterly earnings per share (EPS) of $1.16, exceeding analysts' expectations and demonstrating a 19.5% revenue increase compared to the same quarter last year.

Incyte Corporation (NASDAQ:INCY - Get Free Report) has been given an average rating of "Hold" by the eighteen analysts that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $79.73.

INCY has been the topic of several analyst reports. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and boosted their price target for the company from $75.00 to $107.00 in a report on Monday, June 16th. Royal Bank Of Canada upped their price target on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Truist Financial upped their price target on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research report on Wednesday. UBS Group restated a "neutral" rating and set a $68.00 target price (up from $62.00) on shares of Incyte in a research report on Wednesday. Finally, Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th.

Incyte Stock Performance

INCY stock traded up $0.70 on Friday, reaching $75.59. 1,583,946 shares of the company were exchanged, compared to its average volume of 1,597,725. The stock's fifty day moving average price is $68.95 and its 200 day moving average price is $66.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.00. Incyte has a 12 month low of $53.56 and a 12 month high of $83.95. The firm has a market capitalization of $14.76 billion, a PE ratio of 17.18, a PEG ratio of 0.62 and a beta of 0.71.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.15. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. Incyte had a net margin of 18.99% and a return on equity of 21.99%. The business's revenue for the quarter was up 19.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 EPS. On average, research analysts anticipate that Incyte will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the transaction, the executive vice president directly owned 26,504 shares of the company's stock, valued at $1,818,439.44. This trade represents a 2.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Steven H. Stein sold 14,952 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the transaction, the executive vice president directly owned 97,466 shares of the company's stock, valued at $6,673,497.02. This represents a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,098 shares of company stock valued at $3,836,196 over the last quarter. Insiders own 17.80% of the company's stock.

Hedge Funds Weigh In On Incyte

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. grew its stake in shares of Incyte by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after acquiring an additional 1,419 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Incyte by 61.3% in the 4th quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock valued at $12,031,000 after buying an additional 66,220 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Incyte by 13.5% in the 4th quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock valued at $22,354,000 after buying an additional 38,550 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Incyte by 1.9% in the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock valued at $1,910,000 after buying an additional 591 shares during the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of Incyte by 0.8% in the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock valued at $5,451,000 after buying an additional 747 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.