Incyte Corporation (NASDAQ:INCY) Receives $105.10 Consensus Price Target from Analysts

Incyte Corporation (NASDAQ:INCY) has been given a consensus recommendation of “Hold” by the twenty-two research firms that are covering the company, MarketBeat.com reports. Fourteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $107.85.

Several equities analysts recently commented on the stock. Sanford C. Bernstein initiated coverage on shares of Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective for the company. TD Cowen reissued a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Stifel Nicolaus set a $123.00 price target on shares of Incyte in a report on Tuesday, June 9th. Oppenheimer reiterated a “market perform” rating and set a $107.00 price objective on shares of Incyte in a research note on Monday, June 8th. Finally, Weiss Ratings raised shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the sale, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently modified their holdings of the company. AustralianSuper Pty Ltd acquired a new position in Incyte during the third quarter valued at $18,085,000. Nordea Investment Management AB grew its position in Incyte by 941.8% during the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after purchasing an additional 291,293 shares during the period. Toth Financial Advisory Corp purchased a new position in shares of Incyte during the 4th quarter valued at about $1,213,000. Fairvoy Private Wealth LLC raised its stake in shares of Incyte by 468.8% during the 4th quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock valued at $2,980,000 after buying an additional 24,865 shares during the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Incyte by 187.1% in the 3rd quarter. Citigroup Inc. now owns 560,028 shares of the biopharmaceutical company’s stock valued at $47,496,000 after buying an additional 364,946 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of INCY opened at $113.75 on Monday. 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 market cap of $22.72 billion, a PE ratio of 16.07, a P/E/G ratio of 1.05 and a beta of 0.79. Incyte has a 12 month low of $66.83 and a 12 month high of $115.56. The stock has a fifty day moving average price of $99.28 and a 200-day moving average price of $99.17.

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