Incyte Corporation (NASDAQ:INCY) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• Analysts maintain a consensus “Hold” rating on Incyte, with 13 hold and 10 buy recommendations among 23 brokerages. The average 12-month price target is $120.40.
• Incyte reported quarterly EPS of $3.09, beating estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion, above expectations of $1.50 billion.
• Shares opened at $121.55, up 0.8%, with a market capitalization of $24.64 billion. An executive vice president recently sold $5.0 million of stock under a pre-arranged trading plan, while insiders retain a 16.2% ownership stake.

Shares of Incyte Corporation (NASDAQ:INCY - Get Free Report) have been given an average rating of "Hold" by the twenty-three brokerages that are covering the stock, MarketBeat Ratings reports. Thirteen investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $120.40.

INCY has been the subject of several analyst reports. Wall Street Zen lowered shares of Incyte from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research report on Wednesday, July 29th. HC Wainwright lifted their target price on shares of Incyte from $140.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Finally, BMO Capital Markets boosted their target price on shares of Incyte from $112.00 to $130.00 and gave the company a "market perform" rating in a report on Wednesday, July 29th.

Incyte Trading Up 0.8%

Shares of INCY stock opened at $121.55 on Tuesday. Incyte has a 1-year low of $78.20 and a 1-year high of $132.60. The stock has a market cap of $24.64 billion, a price-to-earnings ratio of 15.48, a PEG ratio of 3.79 and a beta of 0.76. The stock has a 50-day moving average of $112.30 and a 200-day moving average of $102.84.

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

Insiders Place Their Bets

In other news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company's stock.

Institutional Investors Weigh In On Incyte

Several institutional investors and hedge funds have recently made changes to their positions in INCY. Elyxium Wealth LLC acquired a new position in Incyte in the fourth quarter valued at approximately $28,000. Smithfield Trust Co boosted its holdings in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. bought a new position in shares of Incyte during the 4th quarter worth approximately $35,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Incyte during the 4th quarter worth approximately $35,000. Finally, Leonteq Securities AG acquired a new stake in shares of Incyte during the 4th quarter worth approximately $35,000. Institutional investors own 96.97% of the company's stock.

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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