Incyte Corporation (NASDAQ:INCY) Given Average Recommendation of “Hold” by Brokerages

Shares of Incyte Corporation (NASDAQ:INCY) have been assigned an average recommendation of “Hold” from the twenty-one analysts that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, twelve have given a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $100.75.

INCY has been the subject of several recent research reports. TD Cowen reaffirmed a “buy” rating on shares of Incyte in a report on Tuesday, January 13th. Piper Sandler upped their price objective on shares of Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Weiss Ratings restated a “hold (c+)” rating on shares of Incyte in a research report on Thursday, January 22nd. Zacks Research cut Incyte from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Finally, Stifel Nicolaus set a $119.00 price objective on Incyte in a report on Monday, January 5th.

Insider Transactions at Incyte

In other news, EVP Steven H. Stein sold 20,105 shares of Incyte stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the sale, the executive vice president owned 63,129 shares in the company, valued at $6,471,353.79. This trade represents a 24.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael James Morrissey sold 4,323 shares of the business’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total transaction of $420,454.98. Following the sale, the executive vice president directly owned 27,507 shares of the company’s stock, valued at $2,675,330.82. This represents a 13.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 98,897 shares of company stock worth $9,869,376 in the last ninety days. Company insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

Hedge funds and other institutional investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. purchased a new stake in Incyte during the 3rd quarter valued at about $26,000. FNY Investment Advisers LLC purchased a new stake in shares of Incyte in the second quarter valued at approximately $27,000. Root Financial Partners LLC acquired a new stake in shares of Incyte in the third quarter valued at approximately $28,000. Quent Capital LLC purchased a new position in Incyte during the third quarter worth approximately $30,000. Finally, MUFG Securities EMEA plc acquired a new position in Incyte during the second quarter worth $32,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

NASDAQ:INCY opened at $101.08 on Friday. The firm’s fifty day moving average is $101.93 and its two-hundred day moving average is $91.54. The firm has a market cap of $19.84 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 0.60 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20. Incyte has a one year low of $53.56 and a one year high of $112.29.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $0.61. The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 EPS. Research analysts expect that Incyte will post 4.86 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.