Brokerages Set Incyte Corporation (NASDAQ:INCY) Price Target at $120.40

Shares of Incyte Corporation (NASDAQ:INCY) have received an average recommendation of “Hold” from the twenty-three ratings firms that are presently covering the stock, MarketBeat Ratings reports. Thirteen analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $120.65.

INCY has been the subject of several research analyst reports. Wall Street Zen cut shares of Incyte from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Morgan Stanley set a $119.00 price target on shares of Incyte in a research note on Wednesday, July 29th. Leerink Partners boosted their price target on shares of Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. upped their price objective on shares of Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Finally, Oppenheimer reaffirmed a “market perform” rating and set a $120.00 price objective on shares of Incyte in a report on Tuesday, July 28th.

Insider Activity

In related news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. The transaction 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. 16.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Incyte

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Elyxium Wealth LLC acquired a new position in shares of Incyte in the 4th quarter valued at $28,000. Smithfield Trust Co boosted its stake in 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 purchasing an additional 162 shares during the period. MUFG Securities EMEA plc acquired a new stake in Incyte during the 2nd quarter worth $32,000. CYBER HORNET ETFs LLC purchased a new position in Incyte during the 2nd quarter worth $33,000. Finally, Leonteq Securities AG purchased a new position in Incyte during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Down 0.2%

Shares of Incyte stock opened at $120.52 on Tuesday. Incyte has a 52-week low of $81.09 and a 52-week high of $132.60. The company has a market capitalization of $24.43 billion, a P/E ratio of 15.35, a P/E/G ratio of 3.79 and a beta of 0.76. The company has a 50 day moving average of $113.72 and a 200 day moving average of $103.20.

Incyte (NASDAQ:INCY) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the firm posted $1.57 EPS. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. As a group, research analysts anticipate that Incyte will post 2.64 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.