Incyte (NASDAQ:INCY) Hits New 12-Month High - Time to Buy?

Key Points

• Incyte's stock reached a new 12-month high of $91.47 after previously closing at $88.15, reflecting significant trading activity with over 2,500 shares exchanged.
• Several analysts have raised their price targets for Incyte, with Stifel Nicolaus increasing it to $115 and Bank of America to $104, both maintaining a "buy" rating.
• Institutional investors hold a substantial majority of Incyte's stock, with approximately 96.97% of shares owned by these investors, reflecting confidence in the company's future prospects.

Incyte Corporation (NASDAQ:INCY - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $89.57 and last traded at $91.47, with a volume of 2556 shares changing hands. The stock had previously closed at $88.15.

Wall Street Analysts Forecast Growth

INCY has been the subject of several analyst reports. Stifel Nicolaus increased their target price on shares of Incyte from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Bank of America raised their price target on Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a research note on Thursday, September 4th. Zacks Research upgraded Incyte from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 10th. Truist Financial lifted their target price on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Finally, Barclays initiated coverage on Incyte in a report on Friday, August 1st. They issued an "overweight" rating and a $90.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $84.79.

Incyte Price Performance

The company has a 50-day moving average price of $84.83 and a 200-day moving average price of $72.10. The firm has a market capitalization of $17.97 billion, a PE ratio of 20.93, a P/E/G ratio of 0.67 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78.

Insider Buying and Selling

In other news, EVP Steven H. Stein sold 3,706 shares of the business's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the sale, the executive vice president directly owned 102,886 shares of the company's stock, valued at $6,990,074.84. The trade was a 3.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 17.80% of the company's stock.

Institutional Investors Weigh In On Incyte

Large investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new stake in Incyte during the 3rd quarter worth $26,000. FNY Investment Advisers LLC acquired a new stake in shares of Incyte in the second quarter valued at approximately $27,000. Banque Transatlantique SA bought a new position in Incyte in the first quarter valued at approximately $26,000. MUFG Securities EMEA plc bought a new stake in shares of Incyte during the second quarter worth $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in shares of Incyte in the second quarter worth $33,000. 96.97% of the stock is currently 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.

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