Incyte (NASDAQ:INCY) Hits New 52-Week High - Still a Buy?

Key Points

• Incyte's stock recently reached a new 52-week high at $84.88, closing at $84.80 with a trading volume of 845,751 shares.
• Multiple analysts have varied outlooks on Incyte, with price targets ranging from $60 to $103 and a consensus rating of "Hold".
• Insider activity shows significant sales, with executives selling over 56,000 shares in recent months, indicating a potential decrease in confidence from current leadership.

Shares of Incyte Corporation (NASDAQ:INCY - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $84.88 and last traded at $84.80, with a volume of 845751 shares trading hands. The stock had previously closed at $81.61.

Analyst Upgrades and Downgrades

INCY has been the subject of several recent analyst reports. BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. JPMorgan Chase & Co. lowered their target price on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a research note on Monday, July 14th. Citigroup increased their price target on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating 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 increased their price target for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Finally, UBS Group reaffirmed a "neutral" rating and set a $68.00 price target (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Incyte currently has a consensus rating of "Hold" and an average price target of $81.20.

Incyte Stock Up 5.2%

The stock has a market capitalization of $16.76 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 0.63 and a beta of 0.71. The firm's fifty day moving average is $70.80 and its 200-day moving average is $66.97. 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 Activity at Incyte

In related news, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the sale, the executive vice president directly owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 1,177 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares in the company, valued at approximately $2,509,999.94. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,098 shares of company stock valued at $3,836,196. Insiders own 17.80% 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 the company. 1832 Asset Management L.P. acquired a new stake in Incyte in the 2nd quarter valued at approximately $1,290,000. Arrowstreet Capital Limited Partnership raised its stake in Incyte by 701.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,730,648 shares of the biopharmaceutical company's stock valued at $185,957,000 after acquiring an additional 2,390,084 shares in the last quarter. M&T Bank Corp raised its stake in Incyte by 2.5% during the 2nd quarter. M&T Bank Corp now owns 10,959 shares of the biopharmaceutical company's stock valued at $746,000 after acquiring an additional 263 shares in the last quarter. OMERS ADMINISTRATION Corp raised its stake in Incyte by 23.5% during the 2nd quarter. OMERS ADMINISTRATION Corp now owns 35,187 shares of the biopharmaceutical company's stock valued at $2,396,000 after acquiring an additional 6,700 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in Incyte by 74.6% during the 2nd quarter. Fisher Asset Management LLC now owns 29,922 shares of the biopharmaceutical company's stock valued at $2,038,000 after acquiring an additional 12,785 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

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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