Incyte (NASDAQ:INCY) Reaches New 12-Month High - What's Next?

Key Points

• Incyte shares hit a new 52-week high on Friday, reaching as high as $119.60 before last trading around $118.77. The move came on volume of 536,868 shares.
• Analysts remain mixed on the stock: Barclays raised its price target to $134 and kept an overweight rating, while the overall consensus from MarketBeat is still Hold with an average target of $109.95.
• Incyte’s latest earnings beat expectations, with Q1 EPS of $1.81 versus $1.38 expected and revenue of $1.27 billion, up 20.9% year over year. The company also posted strong profitability, including a 26.71% net margin and 26.66% return on equity.

Incyte Corporation (NASDAQ:INCY - Get Free Report) shares hit a new 52-week high during trading on Friday . The company traded as high as $119.60 and last traded at $118.7740, with a volume of 536868 shares trading hands. The stock had previously closed at $116.65.

Analyst Ratings Changes

A number of equities analysts have weighed in on INCY shares. TD Cowen reissued a "hold" rating on shares of Incyte in a research report on Tuesday, June 9th. Oppenheimer reissued a "market perform" rating and set a $107.00 target price on shares of Incyte in a report on Monday, June 8th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Incyte in a report on Monday, June 29th. Barclays upped their price objective on shares of Incyte from $117.00 to $134.00 and gave the company an "overweight" rating in a report on Tuesday. Finally, Stifel Nicolaus set a $123.00 target price on shares of Incyte in a research note on Tuesday, June 9th. Eight analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $109.95.

Incyte Price Performance

The firm has a market capitalization of $23.42 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 1.05 and a beta of 0.76. The company's 50 day moving average is $104.61 and its 200 day moving average is $100.92. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.22 billion. During the same quarter in the previous year, the company earned $1.16 EPS. The business's revenue was up 20.9% on a year-over-year basis. On average, equities research analysts anticipate that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incyte

Institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC raised its holdings in Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company's stock valued at $763,000 after acquiring an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company's stock valued at $299,000 after acquiring an additional 648 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock worth $49,322,000 after purchasing an additional 48,751 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Incyte during the 1st quarter worth $219,000. Finally, Focus Partners Wealth grew its holdings in shares of Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company's stock worth $1,273,000 after purchasing an additional 8,951 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Company Profile

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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