Incyte Corporation (NASDAQ:INCY) Stock Has Consensus Price Target of $124.80

Shares of Incyte Corporation (NASDAQ:INCY) have earned an average recommendation of “Moderate Buy” from the twenty-five research firms that are currently covering the firm, Marketbeat Ratings reports. Twelve equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $126.15.

INCY has been the topic of several recent analyst reports. Morgan Stanley set a $119.00 target price on shares of Incyte in a report on Wednesday, July 29th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $109.00 price target on shares of Incyte in a report on Tuesday, September 22nd. JPMorgan Chase & Co. increased their price target on shares of Incyte from $120.00 to $123.00 and gave the company a “neutral” rating in a research report on Monday, September 28th. Canaccord Genuity Group assumed coverage on shares of Incyte in a report on Thursday, August 20th. They issued a “buy” rating and a $152.00 price target on the stock. Finally, TD Cowen upgraded shares of Incyte to a “strong-buy” rating in a research report on Monday, August 24th.

Insider Activity

In related news, EVP Patrick Mayes sold 41,899 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the transaction, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently made changes to their positions in INCY. CX Institutional lifted its stake in Incyte by 20.2% in the third quarter. CX Institutional now owns 57,737 shares of the biopharmaceutical company’s stock worth $7,006,000 after acquiring an additional 9,703 shares during the period. Private Client Services LLC purchased a new position in Incyte during the 3rd quarter valued at $377,000. QRG Capital Management Inc. increased its position in Incyte by 21.4% during the 2nd quarter. QRG Capital Management Inc. now owns 13,350 shares of the biopharmaceutical company’s stock valued at $1,513,000 after purchasing an additional 2,352 shares during the period. Sequoia Financial Advisors LLC increased its position in Incyte by 17.5% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 19,250 shares of the biopharmaceutical company’s stock valued at $2,182,000 after purchasing an additional 2,873 shares during the period. Finally, Tidal Investments LLC raised its holdings in Incyte by 33.4% in the 2nd quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock worth $11,657,000 after purchasing an additional 25,768 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Performance

NASDAQ INCY opened at $115.30 on Wednesday. The firm has a market cap of $23.37 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 3.50 and a beta of 0.74. Incyte has a 1-year low of $82.82 and a 1-year high of $132.60. The stock has a 50-day moving average of $123.81 and a 200-day moving average of $109.45.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $1.57 EPS. Incyte’s revenue for the quarter was up 37.7% compared to the same quarter last year. As a group, equities research analysts forecast that Incyte will post 2.52 earnings per share for the current fiscal year.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.