Incyte (NASDAQ:INCY) Trading Up 7.5% - Time to Buy?

Key Points

• Incyte Corporation experienced a significant stock increase of 7.5%, reaching a last trading price of $75.42, following a decline in trading volume.
• Recent analyst reports indicate mixed ratings for Incyte, with price targets set between $59 and $107, resulting in a consensus rating of "Hold" and an average target price of $74.47.
• Incyte reported earnings of $1.31 EPS for the last quarter, missing estimates, and has a market capitalization of $15.02 billion with a notable price-to-earnings ratio.

Incyte Corporation (NASDAQ:INCY - Get Free Report) was up 7.5% on Tuesday . The stock traded as high as $75.58 and last traded at $75.42. Approximately 1,013,239 shares changed hands during trading, a decline of 45% from the average daily volume of 1,856,484 shares. The stock had previously closed at $70.16.

Analysts Set New Price Targets

INCY has been the topic of a number of research analyst reports. Truist Financial increased their target price on Incyte from $72.00 to $73.00 and gave the company a "hold" rating in a research note on Tuesday, May 27th. Wells Fargo & Company boosted their target price on Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. cut their price target on Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a research note on Monday, July 14th. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and raised their price objective for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Finally, Royal Bank Of Canada set a $67.00 target price on shares of Incyte and gave the stock a "sector perform" rating in a report on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Incyte currently has a consensus rating of "Hold" and an average target price of $74.47.

Incyte Trading Up 10.6%

The company has a market capitalization of $15.02 billion, a price-to-earnings ratio of 242.22, a price-to-earnings-growth ratio of 0.59 and a beta of 0.68. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.04 and a quick ratio of 2.00. The business's 50 day simple moving average is $68.02 and its 200 day simple moving average is $66.52.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, July 29th. The biopharmaceutical company reported $1.31 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.07). Incyte had a return on equity of 2.77% and a net margin of 0.48%. Research analysts anticipate that Incyte Corporation will post 4.86 EPS for the current year.

Insider Activity

In other Incyte news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the transaction, the executive vice president directly owned 26,504 shares of the company's stock, valued at $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Vijay K. Iyengar sold 1,177 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the completion of the transaction, the executive vice president directly owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,098 shares of company stock valued at $3,836,196. Insiders own 17.80% of the company's stock.

Institutional Trading of Incyte

Institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC raised its stake in shares of Incyte by 92.3% during the 1st quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock worth $405,787,000 after buying an additional 3,233,356 shares during the period. Norges Bank purchased a new position in Incyte during the 4th quarter valued at about $121,890,000. Robeco Institutional Asset Management B.V. boosted its holdings 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 acquiring an additional 995,204 shares during the period. Acadian Asset Management LLC lifted its stake in Incyte by 65.6% during the first quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company's stock worth $152,062,000 after purchasing an additional 994,609 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Incyte by 861.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock worth $61,587,000 after purchasing an additional 798,877 shares during the last quarter. 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.

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