Incyte (NASDAQ:INCY) Sees Large Volume Increase

Incyte Co. (NASDAQ:INCY - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 1,030,634 shares traded hands during mid-day trading, a decline of 44% from the previous session's volume of 1,856,496 shares.The stock last traded at $57.14 and had previously closed at $57.05.

Wall Street Analyst Weigh In

A number of research firms have recently commented on INCY. Truist Financial reissued a "buy" rating and set a $83.00 target price (down previously from $84.00) on shares of Incyte in a research note on Wednesday, May 1st. JMP Securities cut shares of Incyte from an "outperform" rating to a "market perform" rating in a research note on Wednesday, February 14th. Oppenheimer cut their target price on shares of Incyte from $92.00 to $84.00 and set an "outperform" rating for the company in a research note on Wednesday, April 24th. Cantor Fitzgerald began coverage on shares of Incyte in a research note on Tuesday, April 23rd. They set a "neutral" rating for the company. Finally, Stifel Nicolaus boosted their target price on shares of Incyte from $67.00 to $68.00 and gave the stock a "hold" rating in a research note on Wednesday, February 14th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Incyte currently has a consensus rating of "Moderate Buy" and an average price target of $74.93.

Incyte Stock Performance

The firm's fifty day moving average price is $55.41 and its 200 day moving average price is $57.57. The company has a current ratio of 3.47, a quick ratio of 3.43 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $12.81 billion, a price-to-earnings ratio of 17.27, a price-to-earnings-growth ratio of 1.76 and a beta of 0.69.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the company posted $0.44 earnings per share. The business's revenue was up 9.3% compared to the same quarter last year. Analysts forecast that Incyte Co. will post 3.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Incyte

Hedge funds have recently added to or reduced their stakes in the business. Cape Investment Advisory Inc. acquired a new stake in Incyte during the 4th quarter worth approximately $25,000. Larson Financial Group LLC lifted its holdings in Incyte by 4,220.0% during the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company's stock worth $27,000 after buying an additional 422 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Incyte in the 4th quarter valued at $31,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Incyte in the 1st quarter valued at $28,000. Finally, Riverview Trust Co acquired a new stake in shares of Incyte in the 1st quarter valued at $29,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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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