Incyte Corporation (NASDAQ:INCY) Stock Has Consensus Target Price of $124.80 According to Analysts

Incyte Corporation (NASDAQ:INCY) has been given a consensus rating of “Moderate Buy” by the twenty-five research firms that are covering the stock, Marketbeat Ratings reports. Twelve analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $126.15.

A number of brokerages have recently weighed in on INCY. Leerink Partners upped their target price on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Citigroup restated a “buy” rating on shares of Incyte in a report on Monday, August 3rd. Wells Fargo & Company boosted their price objective on shares of Incyte from $116.00 to $128.00 and gave the company an “equal weight” rating in a research report on Thursday. Sanford C. Bernstein reiterated a “market perform” rating and issued a $104.00 price objective on shares of Incyte in a research note on Thursday, August 13th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $109.00 target price on shares of Incyte in a research report on Tuesday, September 22nd.

Incyte Stock Performance

Incyte stock opened at $115.30 on Wednesday. The company has a 50 day moving average price of $123.81 and a 200 day moving average price of $109.33. Incyte has a 52 week low of $82.82 and a 52 week high of $132.60. The firm has a market capitalization of $23.37 billion, a price-to-earnings ratio of 14.69, a P/E/G ratio of 3.56 and a beta of 0.74.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the firm posted $1.57 earnings per share. Incyte’s revenue was up 37.7% compared to the same quarter last year. Equities analysts forecast that Incyte will post 2.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Patrick Mayes sold 41,899 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 sale, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Incyte in the 2nd quarter worth $2,044,189,000. Wellington Management Group LLP raised its position in shares of Incyte by 9.5% during the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock valued at $405,321,000 after buying an additional 309,385 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Incyte by 30.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company’s stock valued at $211,927,000 after buying an additional 527,703 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Incyte by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock valued at $185,873,000 after buying an additional 187,354 shares during the period. Finally, Pacer Advisors Inc. grew its position in Incyte by 2.2% during the first quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company’s stock worth $163,869,000 after buying an additional 37,790 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.