Incyte (NASDAQ:INCY) Reaches New 52-Week High – What’s Next?

Incyte Corporation (NASDAQ:INCY) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $120.19 and last traded at $120.09, with a volume of 276626 shares traded. The stock had previously closed at $117.67.

Analyst Upgrades and Downgrades

INCY has been the topic of several analyst reports. Truist Financial increased their target price on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Morgan Stanley raised their price target on shares of Incyte from $103.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday. TD Cowen reiterated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Barclays raised their price target on shares of Incyte from $117.00 to $134.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $140.00 price target on shares of Incyte in a report on Tuesday, July 21st. Eight research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $111.10.

Incyte Trading Up 1.5%

The company has a market cap of $23.86 billion, a P/E ratio of 16.82, a price-to-earnings-growth ratio of 1.06 and a beta of 0.76. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average of $106.82 and a 200 day moving average of $101.63.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the business posted $1.16 EPS. Incyte’s revenue for the quarter was up 20.9% compared to the same quarter last year. On average, analysts predict that Incyte Corporation will post 6.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its stake in shares of Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after purchasing an additional 506,842 shares during the last quarter. Invesco Ltd. boosted its holdings in Incyte by 13.2% during the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock worth $343,105,000 after acquiring an additional 405,611 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Incyte by 13.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock worth $263,246,000 after acquiring an additional 373,298 shares during the last quarter. Morgan Stanley grew its stake in shares of Incyte by 0.9% in the 4th quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock worth $263,106,000 after acquiring an additional 23,087 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in Incyte by 7.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock valued at $245,028,000 after buying an additional 161,405 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Company Profile

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.