Incyte (NASDAQ:INCY) Hits New 12-Month High – What’s Next?

Incyte Co. (NASDAQ:INCY) reached a new 52-week high on Tuesday . The company traded as high as $71.24 and last traded at $70.79, with a volume of 525054 shares trading hands. The stock had previously closed at $65.69.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on INCY shares. Wells Fargo & Company reduced their price target on Incyte from $63.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. Bank of America increased their target price on Incyte from $66.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Deutsche Bank Aktiengesellschaft boosted their price target on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Guggenheim increased their price objective on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Incyte presently has a consensus rating of “Hold” and an average target price of $73.42.

Incyte Trading Up 10.1 %

The business’s fifty day moving average is $65.20 and its 200-day moving average is $61.37. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The firm has a market cap of $13.93 billion, a P/E ratio of 21.68, a price-to-earnings-growth ratio of 5.31 and a beta of 0.73.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. Incyte’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.77 EPS. Analysts predict that Incyte Co. will post 0.66 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Incyte news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Incyte

Hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. grew its position in shares of Incyte by 17,460.4% during the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after buying an additional 2,676,851 shares during the period. AQR Capital Management LLC increased its stake in Incyte by 70.5% in the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after purchasing an additional 1,101,041 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Incyte by 28.0% during the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after purchasing an additional 779,243 shares during the period. Swedbank AB acquired a new position in shares of Incyte during the first quarter valued at about $37,440,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Incyte by 122.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after purchasing an additional 490,680 shares in 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.