Incyte (NASDAQ:INCY) Sets New 12-Month High – Time to Buy?

Incyte Corporation (NASDAQ:INCY)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $118.77 and last traded at $117.0450, with a volume of 387806 shares. The stock had previously closed at $118.05.

Wall Street Analyst Weigh In

INCY has been the topic of several recent research reports. Sanford C. Bernstein began coverage on shares of Incyte in a research note on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective on the stock. TD Cowen restated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. UBS Group lifted their target price on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Oppenheimer reiterated a “market perform” rating and set a $107.00 price target on shares of Incyte in a research note on Monday, June 8th. Finally, Stifel Nicolaus set a $123.00 price target on shares of Incyte in a report on Tuesday, June 9th. Eight research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $108.20.

Incyte Stock Performance

The stock’s 50-day moving average price is $102.00 and its 200-day moving average price is $100.14. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The company has a market capitalization of $23.31 billion, a price-to-earnings ratio of 16.48, a P/E/G ratio of 1.06 and a beta of 0.76.

Incyte (NASDAQ:INCY) last released its quarterly 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. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.16 EPS. As a group, equities research analysts expect that Incyte Corporation will post 6.61 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

A number of large investors have recently added to or reduced their stakes in INCY. Norges Bank purchased a new position in Incyte during the 4th quarter valued at about $122,893,000. Caisse de depot et placement du Quebec lifted its holdings in shares of Incyte by 264.5% in the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock valued at $127,046,000 after purchasing an additional 1,087,091 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Incyte by 6,586.4% in the fourth quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after purchasing an additional 1,056,451 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Incyte by 3,406.8% in the fourth quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock valued at $73,028,000 after purchasing an additional 718,294 shares during the last quarter. Finally, SEB Asset Management AB acquired a new stake in shares of Incyte in the first quarter valued at approximately $60,817,000. 96.97% of the stock is owned by institutional investors and hedge funds.

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.