Incyte (NASDAQ:INCY) Reaches New 52-Week High - What's Next?

Key Points

• Incyte shares reached a new 52-week high of $120.19 and were last trading near $120.09, up from a prior close of $117.67.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $111.10, despite eight Buy ratings and one price target as high as $140.
• Incyte exceeded quarterly expectations, reporting $1.81 in earnings per share versus $1.38 expected and $1.27 billion in revenue, up 20.9% year over year.

Incyte Corporation (NASDAQ:INCY - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as $120.19 and last traded at $120.09, with a volume of 276626 shares. The stock had previously closed at $117.67.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on INCY. Sanford C. Bernstein assumed coverage on shares of Incyte in a research note on Thursday, May 21st. They set a "market perform" rating and a $99.00 price objective on the stock. HC Wainwright restated a "buy" rating and set a $140.00 price objective on shares of Incyte in a report on Tuesday, July 21st. TD Cowen reiterated a "hold" rating on shares of Incyte in a research report on Tuesday, June 9th. Morgan Stanley raised their price target on Incyte from $103.00 to $104.00 and gave the stock an "equal weight" rating in a research note on Thursday. Finally, Royal Bank Of Canada lifted their price target on Incyte from $95.00 to $99.00 and gave the company a "sector perform" rating in a report on Tuesday, July 7th. Eight investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to MarketBeat.com, Incyte currently has a consensus rating of "Hold" and a consensus price target of $111.10.

Incyte Stock Up 1.5%

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The stock's fifty day simple moving average is $106.82 and its two-hundred day simple moving average is $101.63. The company has a market capitalization of $23.86 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 1.06 and a beta of 0.76.

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, beating analysts' consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company's revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.16 earnings per share. On average, sell-side analysts predict that Incyte Corporation will post 6.63 earnings per share for the current fiscal year.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently modified their holdings of the company. Elyxium Wealth LLC acquired a new position in shares of Incyte during the 4th quarter valued at about $28,000. Smithfield Trust Co raised its position in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock valued at $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc bought a new stake in shares of Incyte in the 2nd quarter worth approximately $32,000. CYBER HORNET ETFs LLC bought a new position in Incyte in the second quarter worth $33,000. Finally, Leonteq Securities AG acquired a new stake in shares of Incyte during the 4th quarter valued at about $35,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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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