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

Key Points

• Incyte Corporation has received a consensus rating of "Hold" from analysts, with one sell rating, ten hold ratings, and seven buy ratings among the eighteen research firms covering the stock.
• Analysts have set an average 1-year target price of $81.60 for Incyte, with recent upgrades from firms like JPMorgan and Wells Fargo raising their price targets significantly.
• Insider trading activity shows that executives sold a total of 56,098 shares valued at approximately $3.84 million over the last ninety days, which resulted in a reduction in their ownership stakes.

Incyte Corporation (NASDAQ:INCY - Get Free Report) has received a consensus rating of "Hold" from the eighteen research firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $81.60.

A number of analysts recently weighed in on INCY shares. JPMorgan Chase & Co. upped their target price on shares of Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday. Truist Financial upped their price objective on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. UBS Group reaffirmed a "neutral" rating and set a $68.00 price objective (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Wells Fargo & Company raised shares of Incyte from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Finally, Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th.

Insider Activity at Incyte

In other news, EVP Vijay K. Iyengar sold 8,617 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total transaction of $587,248.55. Following the transaction, the executive vice president directly owned 37,701 shares in the company, valued at approximately $2,569,323.15. This represents a 18.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Steven H. Stein sold 14,952 shares of the company'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 owned 97,466 shares in the company, valued at $6,673,497.02. The trade was a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,098 shares of company stock valued at $3,836,196 over the last ninety days. Company insiders own 17.80% of the company's stock.

Hedge Funds Weigh In On Incyte

Several large investors have recently bought and sold shares of INCY. Banque Transatlantique SA acquired a new position in Incyte in the first quarter valued at approximately $26,000. FNY Investment Advisers LLC acquired a new position in Incyte in the second quarter valued at approximately $27,000. MUFG Securities EMEA plc acquired a new position in Incyte in the second quarter valued at approximately $32,000. CYBER HORNET ETFs LLC acquired a new position in Incyte in the second quarter valued at approximately $33,000. Finally, Raiffeisen Bank International AG acquired a new position in Incyte in the fourth quarter valued at approximately $34,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Performance

NASDAQ INCY opened at $84.76 on Tuesday. The stock has a market cap of $16.55 billion, a P/E ratio of 19.26, a PEG ratio of 0.67 and a beta of 0.71. The company's 50-day simple moving average is $73.83 and its 200 day simple moving average is $67.66. Incyte has a twelve month low of $53.56 and a twelve month high of $87.24. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01.

Incyte Company Profile

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.

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