Incyte (NASDAQ:INCY) Reaches New 1-Year High – What’s Next?

Incyte Corporation (NASDAQ:INCY)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $118.77 and last traded at $117.0450, with a volume of 387806 shares changing hands. The stock had previously closed at $118.05.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group cut shares of Incyte from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Citigroup restated a “market perform” rating on shares of Incyte in a research note on Tuesday, June 2nd. Oppenheimer reaffirmed a “market perform” rating and set a $107.00 price target on shares of Incyte in a report on Monday, June 8th. TD Cowen reaffirmed a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Finally, BMO Capital Markets upgraded Incyte from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $75.00 to $94.00 in a report on Monday, June 22nd. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $108.20.

Incyte Stock Down 1.2%

The stock has a market cap of $23.31 billion, a PE ratio of 16.48, a P/E/G ratio of 1.06 and a beta of 0.76. The business has a 50 day moving average of $102.00 and a 200-day moving average of $100.14. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01.

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

Insider Buying and Selling

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the sale, the insider owned 262,692 shares in the company, valued at $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 made changes to their positions in the business. NewEdge Advisors LLC increased its position in Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after acquiring an additional 9,913 shares during the period. Jones Financial Companies Lllp lifted its position in Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after acquiring an additional 648 shares during the period. Goldman Sachs Group Inc. lifted its position in Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after acquiring an additional 48,751 shares during the period. United Services Automobile Association purchased a new position in shares of Incyte in the 1st quarter valued at approximately $219,000. Finally, Focus Partners Wealth grew its stake in shares of Incyte by 74.1% in the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after purchasing an additional 8,951 shares during the last quarter. 96.97% of the stock is 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.