Brokerages Set Incyte Corporation (NASDAQ:INCY) PT at $104.26

Shares of Incyte Corporation (NASDAQ:INCY) have earned a consensus rating of “Hold” from the twenty-one brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and ten have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $104.2632.

A number of research firms recently issued reports on INCY. Barclays reaffirmed an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. TD Cowen restated a “buy” rating on shares of Incyte in a research report on Tuesday, January 13th. Stifel Nicolaus boosted their target price on shares of Incyte from $120.00 to $123.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Morgan Stanley set a $102.00 target price on shares of Incyte in a research report on Wednesday, February 11th. Finally, Piper Sandler increased their price target on shares of Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 6th.

Incyte Stock Down 2.1%

NASDAQ INCY opened at $97.77 on Friday. The stock’s 50 day simple moving average is $95.55 and its 200 day simple moving average is $99.15. Incyte has a one year low of $57.77 and a one year high of $112.29. The firm has a market cap of $19.53 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 0.94 and a beta of 0.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data 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. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 EPS. As a group, sell-side analysts forecast that Incyte will post 6.73 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction on 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 transaction, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a filing 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 17.80% of the company’s stock.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Convergence Investment Partners LLC increased its position in Incyte by 46.3% in the first quarter. Convergence Investment Partners LLC now owns 31,020 shares of the biopharmaceutical company’s stock worth $2,920,000 after purchasing an additional 9,818 shares during the period. Dimensional Fund Advisors LP lifted its position in Incyte by 10.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock valued at $185,873,000 after purchasing an additional 187,354 shares during the period. AlphaCentric Advisors LLC lifted its position in Incyte by 5.7% during the 1st quarter. AlphaCentric Advisors LLC now owns 14,245 shares of the biopharmaceutical company’s stock valued at $1,341,000 after purchasing an additional 774 shares during the period. SEB Asset Management AB bought a new position in shares of Incyte in the 1st quarter valued at about $60,817,000. Finally, Swiss National Bank boosted its stake in shares of Incyte by 7.7% in the 1st quarter. Swiss National Bank now owns 489,774 shares of the biopharmaceutical company’s stock valued at $46,098,000 after purchasing an additional 34,900 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

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.