Incyte (NASDAQ:INCY) Sets New 52-Week High – Here’s What Happened

Incyte Corporation (NASDAQ:INCY) shares reached a new 52-week high during trading on Friday . The stock traded as high as $115.56 and last traded at $112.9250, with a volume of 470741 shares changing hands. The stock had previously closed at $107.53.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. UBS Group restated a “neutral” rating and issued a $113.00 price objective on shares of Incyte in a research report on Friday. Sanford C. Bernstein assumed coverage on Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective on the stock. Weiss Ratings raised Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Stifel Nicolaus set a $123.00 target price on Incyte in a research report on Tuesday, June 9th. Finally, Oppenheimer reiterated a “market perform” rating and issued a $107.00 price target on shares of Incyte in a report on Monday, June 8th. Eight research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $107.85.

Incyte Price Performance

The company’s fifty day moving average is $98.95 and its two-hundred day moving average is $99.07. The firm has a market capitalization of $22.91 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 1.06 and a beta of 0.79. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period last year, the firm earned $1.16 earnings per share. The business’s revenue for the quarter was up 20.9% on a year-over-year basis. Equities research analysts anticipate that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INCY. Jacobi Capital Management LLC boosted its holdings in Incyte by 0.9% during the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after buying an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Incyte by 0.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after acquiring an additional 100 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of Incyte by 7.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after acquiring an additional 113 shares during the period. Bank of Nova Scotia raised its position in shares of Incyte by 0.7% in the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after acquiring an additional 124 shares during the period. Finally, Perbak Capital Partners LLP boosted its stake in Incyte by 2.5% during the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock worth $449,000 after acquiring an additional 129 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.