Incyte (NASDAQ:INCY) Reaches New 52-Week High – Time to Buy?

Incyte Corporation (NASDAQ:INCY) shares reached a new 52-week high on Friday . The stock traded as high as $119.60 and last traded at $118.7740, with a volume of 536868 shares. The stock had previously closed at $116.65.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Barclays raised their target price on shares of Incyte from $117.00 to $134.00 and gave the company an “overweight” rating in a report on Tuesday. TD Cowen reaffirmed a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Incyte in a report on Monday, June 29th. Citigroup reiterated a “market perform” rating on shares of Incyte in a research report on Wednesday. Finally, HC Wainwright reissued a “buy” rating on shares of Incyte in a research note on Tuesday. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $109.95.

Incyte Price Performance

The business has a 50-day moving average of $104.61 and a two-hundred day moving average of $100.92. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The firm has a market cap of $23.42 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 1.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the firm posted $1.16 EPS. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Institutional Trading of Incyte

A number of institutional investors have recently bought and sold shares of the company. Elyxium Wealth LLC bought a new stake in Incyte in the fourth quarter worth approximately $28,000. Smithfield Trust Co grew its position in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Incyte during the fourth quarter worth about $35,000. Atlas Capital Advisors Inc. purchased a new position in shares of Incyte during the fourth quarter valued at approximately $35,000. Finally, Leonteq Securities AG purchased a new position in Incyte during the 4th quarter worth $35,000. Institutional investors own 96.97% of the company’s stock.

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.