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

Key Points

• Incyte Corporation shares reached a new 52-week high of $87.99 during trading, closing at $87.37 with a volume of 526,224 shares.
• Brokerages have issued mixed ratings, with seven analysts rating the stock as a Buy, while others have provided Hold and Underperform ratings, reflecting a consensus rating of "Hold" with an average target price of $81.60.
• Recent insider activity includes significant share sales by executives, with insiders selling 56,098 shares valued at nearly $3.84 million over the last 90 days.

Shares of Incyte Corporation (NASDAQ:INCY - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $87.99 and last traded at $87.37, with a volume of 526224 shares traded. The stock had previously closed at $84.61.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on INCY. JPMorgan Chase & Co. upped their target price on Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, August 22nd. Royal Bank Of Canada upped their target price on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and upped their target price for the stock from $75.00 to $107.00 in a report on Monday, June 16th. Barclays began coverage on Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 target price on the stock. Finally, BMO Capital Markets reiterated an "underperform" rating and set a $60.00 target price (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $82.53.

Incyte Price Performance

The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The company has a market cap of $16.92 billion, a PE ratio of 19.69, a P/E/G ratio of 0.67 and a beta of 0.75. The firm has a 50 day moving average of $76.83 and a two-hundred day moving average of $68.67.

Insider Buying and Selling

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the 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 sale, the executive vice president directly owned 26,504 shares in the company, valued at approximately $1,818,439.44. This trade represents a 2.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 1,192 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $83,273.12. Following the sale, the executive vice president owned 37,630 shares in the company, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Several institutional investors have recently added to or reduced their stakes in INCY. AQR Capital Management LLC boosted its stake in Incyte by 92.3% during the 1st quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock valued at $405,787,000 after purchasing an additional 3,233,356 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted 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 purchasing an additional 2,390,084 shares during the last quarter. Norges Bank purchased a new stake in Incyte during the 2nd quarter valued at $96,776,000. Marshall Wace LLP purchased a new stake in Incyte during the 2nd quarter valued at $82,485,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Incyte by 71.5% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company's stock valued at $162,508,000 after purchasing an additional 995,204 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.