Incyte (NASDAQ:INCY) Trading Up 6.2% – Should You Buy?

Incyte Corporation (NASDAQ:INCY) traded up 6.2% on Wednesday . The stock traded as high as $98.27 and last traded at $98.00. 738,059 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 1,669,288 shares. The stock had previously closed at $92.24.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $135.00 price target on shares of Incyte in a research report on Thursday, May 21st. Royal Bank Of Canada reduced their price target on Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 11th. Weiss Ratings raised shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Barclays reaffirmed an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Finally, Piper Sandler boosted their price objective on shares of Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Incyte presently has a consensus rating of “Hold” and an average price target of $104.00.

Incyte Stock Up 5.1%

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The company has a market cap of $19.37 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.92 and a beta of 0.79. The company has a fifty day moving average price of $95.89 and a 200 day moving average price of $99.25.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping 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 business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company earned $1.16 EPS. The business’s quarterly revenue was up 20.9% compared to the same quarter last year. As a group, analysts anticipate that Incyte Corporation will post 6.74 EPS for the current year.

Insider Buying and Selling

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Jacobi Capital Management LLC boosted its holdings in shares of Incyte by 0.9% in the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after purchasing an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund boosted 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 purchasing an additional 100 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake 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 purchasing an additional 113 shares in the last quarter. Bank of Nova Scotia boosted its holdings in Incyte by 0.7% during 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 holdings in Incyte by 2.5% during the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock valued at $449,000 after acquiring an additional 129 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.