Incyte (NASDAQ:INCY) Shares Gap Up - What's Next?

Incyte Corporation (NASDAQ:INCY - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $67.55, but opened at $70.71. Incyte shares last traded at $70.24, with a volume of 544,185 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have commented on INCY. Truist Financial lifted their target price on Incyte from $72.00 to $73.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. William Blair cut Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. JPMorgan Chase & Co. dropped their price objective on Incyte from $70.00 to $68.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Morgan Stanley dropped their price objective on Incyte from $69.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, March 24th. Finally, Citigroup reissued a "buy" rating on shares of Incyte in a research note on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Incyte has a consensus rating of "Hold" and a consensus price target of $74.53.

Incyte Trading Down 3.4%

The company has a current ratio of 2.04, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01. The company has a 50 day simple moving average of $64.49 and a 200 day simple moving average of $66.73. The stock has a market capitalization of $13.23 billion, a PE ratio of 213.66, a P/E/G ratio of 0.60 and a beta of 0.67.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.15. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. During the same quarter in the previous year, the firm posted $0.64 EPS. The firm's quarterly revenue was up 19.5% on a year-over-year basis. Analysts predict that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incyte

Institutional investors and hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN grew its holdings in shares of Incyte by 61.3% in the 4th quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock worth $12,031,000 after acquiring an additional 66,220 shares during the period. JPMorgan Chase & Co. grew its holdings in Incyte by 13.5% during the 4th quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock valued at $22,354,000 after buying an additional 38,550 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in Incyte by 73.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock valued at $90,749,000 after buying an additional 556,218 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Incyte by 474.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock valued at $94,000 after buying an additional 1,280 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in Incyte by 2.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 30,527 shares of the biopharmaceutical company's stock valued at $2,109,000 after buying an additional 782 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

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.