Incyte (NASDAQ:INCY) Reaches New 1-Year High - Here's Why

Key Points

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Incyte Corporation (NASDAQ:INCY - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The stock traded as high as $87.24 and last traded at $84.92, with a volume of 1741423 shares trading hands. The stock had previously closed at $86.92.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday. Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. Royal Bank Of Canada lifted their price objective on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. BMO Capital Markets reiterated an "underperform" rating and issued a $60.00 price objective (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and lifted their price objective for the company from $75.00 to $107.00 in a research note on Monday, June 16th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $81.60.

Incyte Stock Down 1.7%

The firm has a market cap of $16.61 billion, a P/E ratio of 19.33, a price-to-earnings-growth ratio of 0.67 and a beta of 0.71. The stock's 50 day simple moving average is $73.56 and its 200 day simple moving average is $67.59. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85.

Insider Buying and Selling at Incyte

In other news, EVP Vijay K. Iyengar sold 1,177 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president owned 35,929 shares in the company, valued at $2,509,999.94. This represents a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,098 shares of company stock worth $3,836,196. Company insiders own 17.80% of the company's stock.

Institutional Trading of Incyte

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Incyte by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company's stock worth $1,371,220,000 after acquiring an additional 137,570 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Incyte by 21.8% in the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company's stock worth $558,519,000 after acquiring an additional 1,465,286 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Incyte by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company's stock worth $294,899,000 after acquiring an additional 139,740 shares in the last quarter. LSV Asset Management lifted its holdings in Incyte by 6.2% during the second quarter. LSV Asset Management now owns 3,861,831 shares of the biopharmaceutical company's stock worth $262,991,000 after acquiring an additional 223,857 shares during the period. Finally, Invesco Ltd. lifted its holdings in Incyte by 7.3% during the second quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company's stock worth $231,609,000 after acquiring an additional 232,268 shares during the period. Institutional investors own 96.97% of the company's stock.

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.