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

Key Points

• Incyte has a consensus analyst rating of "Hold", based on coverage from 22 research firms. Fourteen analysts rate it hold and eight rate it buy, with an average 12-month price target of $109.95.
• The company recently reported strong quarterly results, posting EPS of $1.81 versus estimates of $1.38 and revenue of $1.27 billion, above expectations. Revenue rose 20.9% year over year.
• Incyte shares were trading at $116.65, near their 52-week high of $118.97, and the stock has a market cap of about $23.3 billion. Institutional investors own 96.97% of the shares, underscoring heavy hedge fund and fund ownership.

Shares of Incyte Corporation (NASDAQ:INCY - Get Free Report) have been given a consensus recommendation of "Hold" by the twenty-two research firms that are currently covering the firm, Marketbeat Ratings reports. Fourteen investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $109.95.

INCY has been the topic of several recent analyst reports. Truist Financial upped their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a report on Monday, June 22nd. Stifel Nicolaus set a $123.00 target price on shares of Incyte in a report on Tuesday, June 9th. HC Wainwright restated a "buy" rating on shares of Incyte in a research note on Tuesday. Oppenheimer restated a "market perform" rating and set a $107.00 price target on shares of Incyte in a research note on Monday, June 8th. Finally, Citigroup restated a "market perform" rating on shares of Incyte in a research report on Wednesday.

Hedge Funds Weigh In On Incyte

Several institutional investors have recently bought and sold shares of the company. Nordea Investment Management AB grew its stake in shares of Incyte by 941.8% in the fourth quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company's stock worth $31,874,000 after acquiring an additional 291,293 shares in the last quarter. Toth Financial Advisory Corp acquired a new stake in shares of Incyte in the fourth quarter valued at $1,213,000. Fairvoy Private Wealth LLC raised its stake in shares of Incyte by 468.8% in the fourth quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company's stock valued at $2,980,000 after acquiring an additional 24,865 shares in the last quarter. Swiss Life Asset Management Ltd boosted its holdings in Incyte by 180.8% in the third quarter. Swiss Life Asset Management Ltd now owns 85,480 shares of the biopharmaceutical company's stock valued at $7,250,000 after purchasing an additional 55,039 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Incyte by 627.8% in the fourth quarter. SG Americas Securities LLC now owns 186,790 shares of the biopharmaceutical company's stock valued at $18,449,000 after purchasing an additional 161,124 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Up 1.4%

Shares of NASDAQ:INCY opened at $116.65 on Friday. The business has a 50-day moving average price of $104.61 and a 200 day moving average price of $100.92. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $23.30 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.05 and a beta of 0.76. Incyte has a 12-month low of $67.17 and a 12-month high of $118.97.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. Incyte's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.16 earnings per share. Sell-side analysts expect that Incyte will post 6.61 EPS for the current year.

About Incyte

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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