Incyte (NASDAQ:INCY) Sees Unusually-High Trading Volume

Incyte Co. (NASDAQ:INCY) shares saw an uptick in trading volume on Wednesday . 941,385 shares changed hands during trading, a decline of 44% from the previous session’s volume of 1,687,186 shares.The stock last traded at $53.67 and had previously closed at $53.22.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of recent analyst reports. Citigroup decreased their price target on Incyte from $82.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday, February 14th. Jefferies Financial Group began coverage on shares of Incyte in a report on Friday, February 23rd. They issued a “buy” rating and a $81.00 target price for the company. Stifel Nicolaus boosted their price target on shares of Incyte from $67.00 to $68.00 and gave the company a “hold” rating in a report on Wednesday, February 14th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Tuesday, February 6th. Finally, Bank of America cut their target price on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte currently has an average rating of “Moderate Buy” and an average price target of $76.07.

Incyte Stock Performance

The stock’s 50-day moving average price is $57.75 and its 200 day moving average price is $58.03. The company has a quick ratio of 3.36, a current ratio of 3.55 and a debt-to-equity ratio of 0.01. The company has a market cap of $11.96 billion, a P/E ratio of 20.08, a price-to-earnings-growth ratio of 1.24 and a beta of 0.65.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Incyte had a return on equity of 12.56% and a net margin of 16.17%. The firm’s revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. As a group, research analysts expect that Incyte Co. will post 3.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. D.A. Davidson & CO. raised its stake in Incyte by 4.8% during the 1st quarter. D.A. Davidson & CO. now owns 3,300 shares of the biopharmaceutical company’s stock valued at $262,000 after purchasing an additional 150 shares during the last quarter. Clear Street Markets LLC raised its position in shares of Incyte by 93.6% during the first quarter. Clear Street Markets LLC now owns 362 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 175 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund lifted its stake in shares of Incyte by 2.8% in the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 6,616 shares of the biopharmaceutical company’s stock valued at $441,000 after buying an additional 183 shares during the period. Fisher Asset Management LLC grew its position in Incyte by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 44,169 shares of the biopharmaceutical company’s stock worth $2,773,000 after buying an additional 187 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its stake in Incyte by 1.2% during the third quarter. Vontobel Holding Ltd. now owns 16,684 shares of the biopharmaceutical company’s stock valued at $964,000 after acquiring an additional 195 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Company Profile

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.