Incyte (NASDAQ:INCY) Sees Unusually-High Trading Volume

Incyte Co. (NASDAQ:INCY - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 941,385 shares traded hands during trading, a decline of 44% from the previous session's volume of 1,687,186 shares.The stock last traded at $53.67 and had previously closed at $53.22.

Analysts Set New Price Targets

A number of research firms recently commented on INCY. BMO Capital Markets increased their price objective on Incyte from $58.00 to $64.00 and gave the stock a "market perform" rating in a report on Wednesday, February 14th. Bank of America decreased their price objective on shares of Incyte from $69.00 to $67.00 and set a "neutral" rating for the company in a report on Wednesday, March 13th. Jefferies Financial Group initiated coverage on Incyte in a research report on Friday, February 23rd. They issued a "buy" rating and a $81.00 price target for the company. JMP Securities lowered Incyte from an "outperform" rating to a "market perform" rating in a report on Wednesday, February 14th. Finally, Truist Financial reduced their target price on Incyte from $91.00 to $84.00 and set a "buy" rating for the company in a report on Wednesday, February 14th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $76.07.

Incyte Price Performance

The company has a market cap of $11.84 billion, a P/E ratio of 19.89, a P/E/G ratio of 1.24 and a beta of 0.65. The stock has a 50-day simple moving average of $57.75 and a 200 day simple moving average of $58.03. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.09). The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Incyte had a return on equity of 12.56% and a net margin of 16.17%. The firm's revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period last year, the business earned $0.44 earnings per share. On average, equities analysts expect that Incyte Co. will post 3.84 EPS for the current year.

Institutional Trading of Incyte

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. ARK Investment Management LLC boosted its holdings in Incyte by 7.7% during the fourth quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company's stock valued at $33,381,000 after purchasing an additional 37,932 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in Incyte by 13.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 64,309 shares of the biopharmaceutical company's stock valued at $3,714,000 after buying an additional 7,695 shares in the last quarter. Royal Bank of Canada grew its position in Incyte by 85.3% in the third quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company's stock valued at $57,021,000 after acquiring an additional 454,416 shares during the period. RFG Advisory LLC acquired a new position in Incyte during the fourth quarter worth $206,000. Finally, Raymond James & Associates bought a new position in shares of Incyte during the fourth quarter valued at $2,291,000. Institutional investors own 96.97% of the company's stock.

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.