Incyte Co. (NASDAQ:INCY) Receives $76.18 Consensus Target Price from Analysts

Shares of Incyte Co. (NASDAQ:INCY) have been given a consensus recommendation of “Hold” by the twenty brokerages that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $76.29.

A number of research analysts have issued reports on the stock. Truist Financial restated a “hold” rating and set a $74.00 target price (down previously from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. Wells Fargo & Company increased their price target on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. lifted their price objective on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Citigroup increased their target price on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, UBS Group assumed coverage on Incyte in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price target for the company.

Incyte Stock Performance

NASDAQ:INCY opened at $69.84 on Thursday. The stock has a 50 day simple moving average of $72.42 and a 200 day simple moving average of $66.67. The stock has a market cap of $13.45 billion, a P/E ratio of 498.89, a PEG ratio of 8.36 and a beta of 0.69. Incyte has a 1-year low of $50.35 and a 1-year high of $83.95. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its earnings results 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 negative return on equity of 0.63% and a net margin of 0.80%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the business posted $0.91 EPS. The firm’s quarterly revenue was up 23.8% compared to the same quarter last year. Research analysts anticipate that Incyte will post 0.4 earnings per share for the current year.

Insider Activity

In other news, insider Thomas Tray sold 650 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $69.31, for a total value of $45,051.50. Following the completion of the transaction, the insider now owns 23,312 shares of the company’s stock, valued at $1,615,754.72. This represents a 2.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the sale, the executive vice president now owns 58,042 shares in the company, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,023 shares of company stock worth $839,711. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently added to or reduced their stakes in INCY. Haverford Trust Co grew its stake in shares of Incyte by 1.8% in the third quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock worth $515,000 after purchasing an additional 135 shares during the last quarter. V Square Quantitative Management LLC grew its position in shares of Incyte by 4.1% in the 3rd quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock valued at $262,000 after buying an additional 155 shares during the last quarter. Deseret Mutual Benefit Administrators increased its stake in shares of Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 164 shares during the period. Ballentine Partners LLC raised its position in shares of Incyte by 4.0% during the second quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock worth $287,000 after acquiring an additional 182 shares during the last quarter. Finally, Tectonic Advisors LLC raised its position in shares of Incyte by 1.6% during the third quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company’s stock worth $819,000 after acquiring an additional 190 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

About Incyte

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.