Brokerages Set Incyte Corporation (NASDAQ:INCY) Target Price at $109.95

Shares of Incyte Corporation (NASDAQ:INCY) have earned a consensus rating of “Hold” from the twenty-two analysts that are presently covering the stock, Marketbeat reports. Fourteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $109.95.

INCY has been the subject of several recent research reports. Stifel Nicolaus set a $123.00 price target on Incyte in a report on Tuesday, June 9th. BMO Capital Markets boosted their price target on Incyte from $94.00 to $112.00 and gave the stock a “market perform” rating in a research report on Monday, July 13th. TD Cowen restated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Sanford C. Bernstein initiated coverage on shares of Incyte in a research note on Thursday, May 21st. They set a “market perform” rating and a $99.00 price objective on the stock. Finally, Truist Financial lifted their price target on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Monday, June 22nd.

Key Stories Impacting Incyte

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Halozyme and Incyte announced a global collaboration and license agreement to use ENHANZE technology to evaluate subcutaneous formulations of INCA033989, which could make dosing more convenient and improve the treatment experience. Halozyme Announces Global Collaboration and License Agreement with Incyte to Support the Development of Subcutaneous Formulations of INCA033989 Using its ENHANZE® Technology
• Positive Sentiment: H.C. Wainwright reiterated a Buy rating on INCY and maintained a $140 price target, signaling continued analyst confidence in upside from current levels. Incyte: ENHANZE Licensing Bolsters INCA033989 Outlook as Buy Rating and $140 Price Target Are Reiterated
• Neutral Sentiment: William Blair kept a Hold rating on Incyte, saying the Halozyme deal improves delivery prospects but does not fully offset concerns about dose requirements for INCA033989. Incyte: Halozyme Collaboration Improves INCA033989 Delivery but Dose Requirements Keep Rating at Hold
• Neutral Sentiment: Incyte is also heading into next week’s earnings report with expectations for earnings growth, which may keep investor attention elevated ahead of results. Incyte (INCY) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: Recent insider stock sales by two senior executives could create some caution, even though the activity may also reflect personal profit-taking rather than a change in fundamentals. Top Incyte Executives Quietly Lock In Profits With Fresh Stock Sales

Institutional Investors Weigh In On Incyte

A number of hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in shares of Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after buying an additional 506,842 shares during the last quarter. Invesco Ltd. raised its stake in shares of Incyte by 13.2% in the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after purchasing an additional 405,611 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Incyte by 13.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock worth $263,246,000 after purchasing an additional 373,298 shares during the last quarter. Morgan Stanley grew its stake in Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock worth $263,106,000 after purchasing an additional 23,087 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in Incyte by 7.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock worth $245,028,000 after purchasing an additional 161,405 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

NASDAQ INCY opened at $117.39 on Friday. The firm has a market capitalization of $23.45 billion, a P/E ratio of 16.58, a P/E/G ratio of 1.05 and a beta of 0.76. Incyte has a 1-year low of $67.20 and a 1-year high of $119.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The business’s 50-day simple moving average is $105.66 and its 200-day simple moving average is $101.29.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating 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 analysts’ expectations of $1.22 billion. During the same period in the previous year, the company posted $1.16 earnings per share. Incyte’s revenue was up 20.9% compared to the same quarter last year. Equities analysts predict that Incyte will post 6.61 EPS for the current year.

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.