Brokerages Set Incyte Corporation (NASDAQ:INCY) PT at $104.00

Shares of Incyte Corporation (NASDAQ:INCY) have been assigned a consensus rating of “Hold” from the twenty-two research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and ten have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $104.00.

A number of brokerages recently issued reports on INCY. Jefferies Financial Group lowered Incyte from a “buy” rating to a “hold” rating and dropped their target price for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Royal Bank Of Canada dropped their target price on Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. Morgan Stanley set a $102.00 target price on Incyte in a research report on Wednesday, February 11th. Wells Fargo & Company dropped their target price on Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 11th. Finally, UBS Group dropped their target price on Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 25th.

Insider Buying and Selling at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction that occurred 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 $25,349,778. The trade was a 6.63% decrease in their position. 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. 16.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Root Financial Partners LLC acquired a new position in shares of Incyte during the 3rd quarter worth approximately $28,000. Elyxium Wealth LLC acquired a new position in shares of Incyte during the 4th quarter worth approximately $28,000. Smithfield Trust Co boosted its stake in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 162 shares during the period. MUFG Securities EMEA plc bought a new position in shares of Incyte during the 2nd quarter worth approximately $32,000. Finally, CYBER HORNET ETFs LLC bought a new position in shares of Incyte during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Down 1.2%

Shares of Incyte stock opened at $95.59 on Thursday. The business’s 50 day simple moving average is $95.89 and its 200 day simple moving average is $99.25. Incyte has a 52-week low of $63.92 and a 52-week high of $112.29. The firm has a market cap of $19.10 billion, a PE ratio of 13.50, a P/E/G ratio of 0.93 and a beta of 0.79. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the firm earned $1.16 EPS. Incyte’s revenue for the quarter was up 20.9% compared to the same quarter last year. On average, analysts predict that Incyte will post 6.74 earnings per share for the current fiscal year.

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.