Incyte (NASDAQ:INCY) Stock Price Up 7.1% - Here's What Happened

Incyte Co. (NASDAQ:INCY - Get Free Report) rose 7.1% during trading on Tuesday . The stock traded as high as $70.97 and last traded at $69.96. Approximately 2,012,269 shares traded hands during trading, a decline of 12% from the average daily volume of 2,288,712 shares. The stock had previously closed at $65.31.

Analysts Set New Price Targets

INCY has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their target price 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 reduced 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. Wells Fargo & Company raised their price objective on Incyte from $58.00 to $59.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. Guggenheim cut Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price objective for the company. in a research note on Tuesday, March 18th. Finally, UBS Group reissued a "neutral" rating and issued a $61.00 price objective on shares of Incyte in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $72.53.

Incyte Stock Up 2.3%

The stock has a fifty day moving average of $61.44 and a 200 day moving average of $67.17. The firm has a market capitalization of $13.31 billion, a P/E ratio of 254.71, a price-to-earnings-growth ratio of 0.41 and a beta of 0.68. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. Incyte had a return on equity of 0.05% and a net margin of 0.77%. Incyte's quarterly revenue was up 19.5% compared to the same quarter last year. During the same period last year, the company posted $0.64 earnings per share. On average, research analysts anticipate that Incyte Co. will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the sale, the executive vice president now directly owns 33,567 shares in the company, valued at approximately $2,272,150.23. This trade represents a 37.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 17.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Several hedge funds have recently made changes to their positions in INCY. AQR Capital Management LLC raised its stake in shares of Incyte by 92.3% in the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock valued at $405,787,000 after buying an additional 3,233,356 shares during the period. Norges Bank bought a new stake in shares of Incyte in the fourth quarter valued at $121,890,000. Acadian Asset Management LLC raised its stake in shares of Incyte by 65.6% in the first quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company's stock valued at $152,062,000 after buying an additional 994,609 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in shares of Incyte by 861.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock valued at $61,587,000 after buying an additional 798,877 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of Incyte by 581.3% in the first quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company's stock valued at $49,236,000 after buying an additional 693,782 shares during the period. 96.97% of the stock is currently owned by institutional investors.

About Incyte

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.