Brokerages Set Incyte Corporation (NASDAQ:INCY) Target Price at $120.40

Shares of Incyte Corporation (NASDAQ:INCY) have been given a consensus recommendation of “Hold” by the twenty-three ratings firms that are presently covering the company, Marketbeat.com reports. Thirteen investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $120.65.

INCY has been the topic of a number of analyst reports. Mizuho lifted their price target on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. JPMorgan Chase & Co. raised their target price on Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Royal Bank Of Canada boosted their target price on shares of Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 price target on shares of Incyte in a research note on Wednesday, July 29th. Finally, Citigroup reiterated a “buy” rating on shares of Incyte in a report on Monday, August 3rd.

Incyte Trading Down 0.3%

Shares of INCY opened at $120.16 on Tuesday. The stock’s 50 day moving average is $114.08 and its two-hundred day moving average is $103.32. Incyte has a twelve month low of $81.09 and a twelve month high of $132.60. The firm has a market capitalization of $24.36 billion, a PE ratio of 15.31, a P/E/G ratio of 3.77 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.57 EPS. On average, sell-side analysts predict that Incyte will post 2.64 EPS for the current year.

Insider Buying and Selling

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 hedge funds and other institutional investors have recently modified their holdings of INCY. NewEdge Advisors LLC grew its holdings in shares of Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after acquiring an additional 9,913 shares during the period. Jones Financial Companies Lllp increased its stake in Incyte by 15.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after purchasing an additional 648 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after purchasing an additional 48,751 shares in the last quarter. United Services Automobile Association acquired a new position in Incyte during the first quarter worth $219,000. Finally, Focus Partners Wealth raised its holdings in Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after purchasing an additional 8,951 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.