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

Incyte Co. (NASDAQ:INCY - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $67.75, but opened at $70.80. Incyte shares last traded at $70.19, with a volume of 449,044 shares traded.

Wall Street Analyst Weigh In

INCY has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price objective on Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. William Blair downgraded Incyte from an "outperform" rating to a "market perform" rating in a research report on Tuesday, March 18th. Citigroup restated a "buy" rating on shares of Incyte in a research report on Tuesday, June 3rd. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Guggenheim cut shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price objective on the stock. in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Incyte currently has an average rating of "Hold" and an average target price of $74.53.

Incyte Stock Up 4.5%

The firm has a market cap of $13.70 billion, a PE ratio of 261.70, a PEG ratio of 0.41 and a beta of 0.67. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The company's 50-day simple moving average is $62.30 and its two-hundred day simple moving average is $66.98.

Incyte (NASDAQ:INCY - Get Free Report) last posted 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 0.05% and a net margin of 0.77%. The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. During the same period last year, the firm earned $0.64 earnings per share. Incyte's quarterly revenue was up 19.5% on a year-over-year basis. On average, analysts predict that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incyte

Several institutional investors and hedge funds have recently modified their holdings of INCY. Quintet Private Bank Europe S.A. purchased a new position in shares of Incyte during the 4th quarter worth approximately $26,000. Banque Transatlantique SA bought a new position in Incyte in the first quarter worth $26,000. Raiffeisen Bank International AG purchased a new position in Incyte during the fourth quarter valued at $34,000. SVB Wealth LLC purchased a new position in Incyte during the first quarter valued at $39,000. Finally, Bradley & Co. Private Wealth Management LLC bought a new stake in shares of Incyte during the 4th quarter valued at $42,000. 96.97% of the stock is 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.

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