Incyte (NASDAQ:INCY) Sets New 12-Month High – Should You Buy?

Incyte Co. (NASDAQ:INCY) reached a new 52-week high on Monday . The stock traded as high as $76.38 and last traded at $76.25, with a volume of 156594 shares traded. The stock had previously closed at $76.13.

Wall Street Analyst Weigh In

INCY has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. Wolfe Research started coverage on Incyte in a report on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 price objective on the stock. StockNews.com upgraded Incyte from a “buy” rating to a “strong-buy” rating in a report on Thursday. The Goldman Sachs Group raised their price objective on Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Citigroup raised their price objective on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte has a consensus rating of “Hold” and a consensus target price of $76.74.

Incyte Trading Up 0.1 %

The business has a 50 day simple moving average of $66.04 and a two-hundred day simple moving average of $61.97. The company has a current ratio of 1.87, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. The stock has a market cap of $14.68 billion, a price-to-earnings ratio of 543.04, a price-to-earnings-growth ratio of 6.49 and a beta of 0.71.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the business earned $0.91 EPS. Incyte’s revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, equities analysts anticipate that Incyte Co. will post 0.52 EPS for the current year.

Insider Transactions at Incyte

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas Tray sold 572 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Hedge funds and other institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC boosted its stake in Incyte by 14.4% during the first quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock valued at $3,594,000 after buying an additional 7,925 shares in the last quarter. Kennedy Capital Management LLC bought a new position in shares of Incyte during the 1st quarter valued at about $463,000. Magnetar Financial LLC acquired a new position in shares of Incyte in the 1st quarter worth approximately $1,817,000. Andra AP fonden raised its holdings in shares of Incyte by 35.2% in the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock worth $15,022,000 after purchasing an additional 64,500 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its stake in Incyte by 19.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 152,452 shares of the biopharmaceutical company’s stock valued at $8,652,000 after purchasing an additional 24,328 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.