Brokerages Set Incyte Co. (NASDAQ:INCY) Target Price at $73.53

Incyte Co. (NASDAQ:INCY) has been assigned an average recommendation of “Hold” from the eighteen analysts that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $73.53.

Several brokerages recently weighed in on INCY. Morgan Stanley cut their target price on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, March 24th. Wells Fargo & Company increased their price objective on shares of Incyte from $58.00 to $59.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. dropped their price objective on shares of Incyte from $70.00 to $68.00 and set a “neutral” rating on the stock in a research report on Monday, April 21st. Stifel Nicolaus increased their price objective on shares of Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research report on Monday, February 10th. Finally, Citigroup lowered their target price on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a report on Tuesday, February 11th.

Insider Activity

In other news, EVP Barry P. Flannelly sold 19,807 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now owns 33,567 shares in the company, valued at $2,272,150.23. This trade represents a 37.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Sheila A. Denton sold 14,069 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the transaction, the executive vice president now owns 25,848 shares of the company’s stock, valued at $1,914,561.36. This trade represents a 35.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,475 shares of company stock worth $2,424,751 in the last 90 days. 17.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently added to or reduced their stakes in INCY. Quintet Private Bank Europe S.A. purchased a new position in Incyte during the 4th quarter valued at about $26,000. Banque Transatlantique SA purchased a new position in Incyte during the 1st quarter valued at about $26,000. Global X Japan Co. Ltd. increased its holdings in Incyte by 144.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 230 shares in the last quarter. R Squared Ltd purchased a new position in Incyte during the 4th quarter valued at about $30,000. Finally, Raiffeisen Bank International AG purchased a new position in Incyte during the 4th quarter valued at about $34,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Stock Up 2.3%

Shares of NASDAQ:INCY opened at $65.30 on Friday. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $60.37 and a two-hundred day moving average of $68.28. The stock has a market cap of $12.64 billion, a P/E ratio of 241.86, a PEG ratio of 0.41 and a beta of 0.68. Incyte has a 52-week low of $53.56 and a 52-week high of $83.95.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $996.17 million. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The business’s revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 EPS. On average, research analysts expect that Incyte will post 4.86 earnings per share for the current year.

Incyte Company Profile

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.