Incyte (NASDAQ:INCY) Shares Break Above 50 Day Moving Average – What’s Next?

Shares of Incyte Corporation (NASDAQ:INCY) passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $119.99 and traded as high as $123.33. Incyte shares last traded at $122.85, with a volume of 2,140,633 shares trading hands.

Analyst Ratings Changes

INCY has been the topic of a number of analyst reports. Weiss Ratings downgraded shares of Incyte from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, October 23rd. Stifel Nicolaus boosted their target price on shares of Incyte from $145.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, October 5th. Canaccord Genuity Group assumed coverage on shares of Incyte in a report on Thursday, August 20th. They set a “buy” rating and a $152.00 price target for the company. BMO Capital Markets reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday, October 27th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Friday, September 11th. Twelve equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $133.10.

Incyte Trading Up 4.5%

The business’s 50 day moving average price is $119.99 and its two-hundred day moving average price is $108.37. The company has a market capitalization of $25.04 billion, a price-to-earnings ratio of 65.35, a P/E/G ratio of 4.28 and a beta of 0.78.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.93) by $0.33. Incyte had a net margin of 6.71% and a return on equity of 7.92%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the prior year, the company earned $2.26 EPS. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. Analysts expect that Incyte Corporation will post 2.24 EPS for the current year.

Insider Activity at Incyte

In other news, insider Pablo Cagnoni sold 10,801 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently bought and sold shares of INCY. BlackRock Inc. purchased a new stake in Incyte in the 2nd quarter valued at $2,044,189,000. Wellington Management Group LLP boosted its holdings in Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock worth $405,321,000 after acquiring an additional 309,385 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Incyte by 10.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock worth $185,873,000 after acquiring an additional 187,354 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Incyte by 2.2% in the 1st quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company’s stock worth $163,869,000 after acquiring an additional 37,790 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Incyte in the 2nd quarter worth $182,054,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.