Brokerages Set Incyte Corporation (NASDAQ:INCY) Target Price at $104.26

Incyte Corporation (NASDAQ:INCY) has been given an average rating of “Hold” by the twenty-one ratings firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $104.2632.

A number of research firms have commented on INCY. UBS Group lowered their price target on Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a research report on Wednesday, March 25th. Piper Sandler upped their price target on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Weiss Ratings raised Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Jefferies Financial Group lowered Incyte from a “buy” rating to a “hold” rating and lowered their price target for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Incyte in a research report on Tuesday, January 13th.

Insider Buying and Selling at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 17.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Incyte by 1.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 126,176 shares of the biopharmaceutical company’s stock worth $11,898,000 after acquiring an additional 2,173 shares during the period. Aware Super Pty Ltd as trustee of Aware Super purchased a new position in shares of Incyte during the 1st quarter worth approximately $29,708,000. Wealthfront Advisers LLC grew its holdings in shares of Incyte by 5.4% during the 1st quarter. Wealthfront Advisers LLC now owns 9,058 shares of the biopharmaceutical company’s stock worth $853,000 after acquiring an additional 467 shares during the period. D.A. Davidson & CO. grew its holdings in shares of Incyte by 150.5% during the 1st quarter. D.A. Davidson & CO. now owns 5,982 shares of the biopharmaceutical company’s stock worth $563,000 after acquiring an additional 3,594 shares during the period. Finally, Twin Capital Management Inc. purchased a new position in shares of Incyte during the 1st quarter worth approximately $875,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Trading Up 0.3%

INCY opened at $97.47 on Friday. The business has a 50 day simple moving average of $95.63 and a two-hundred day simple moving average of $98.99. The firm has a market capitalization of $19.47 billion, a price-to-earnings ratio of 13.77, a PEG ratio of 0.91 and a beta of 0.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. Incyte has a one year low of $57.77 and a one year high of $112.29.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.16 EPS. Analysts predict that Incyte will post 6.73 EPS for the current year.

About Incyte

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.