Incyte Corporation (NASDAQ:INCY) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Incyte Corporation (NASDAQ:INCY) have received an average rating of “Hold” from the nineteen brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and seven have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $93.8462.

INCY has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Incyte in a report on Wednesday, October 8th. Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Truist Financial reaffirmed a “hold” rating and set a $93.00 price objective (up previously from $79.00) on shares of Incyte in a report on Wednesday, October 29th. Royal Bank Of Canada raised their target price on Incyte from $81.00 to $84.00 and gave the company a “sector perform” rating in a report on Wednesday, October 29th. Finally, Barclays boosted their target price on shares of Incyte from $101.00 to $115.00 and gave the stock an “overweight” rating in a research report on Monday, November 24th.

Incyte Stock Performance

NASDAQ:INCY opened at $101.50 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. The firm has a market cap of $19.93 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 0.70 and a beta of 0.81. The firm’s fifty day moving average price is $95.14 and its 200 day moving average price is $81.97. Incyte has a 1-year low of $53.56 and a 1-year high of $109.28.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, topping the consensus estimate of $1.65 by $0.61. The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business’s revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the business earned $1.07 EPS. On average, sell-side analysts expect that Incyte will post 4.86 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total value of $60,613.28. Following the sale, the executive vice president owned 26,569 shares in the company, valued at $2,693,033.84. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Lee Heeson sold 3,074 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total value of $289,017.48. Following the completion of the transaction, the executive vice president directly owned 29,241 shares of the company’s stock, valued at $2,749,238.82. The trade was a 9.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 26,891 shares of company stock worth $2,720,766. 17.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently bought and sold shares of INCY. Allworth Financial LP lifted its position in shares of Incyte by 107.1% in the third quarter. Allworth Financial LP now owns 3,564 shares of the biopharmaceutical company’s stock valued at $302,000 after acquiring an additional 1,843 shares in the last quarter. Swiss Life Asset Management Ltd raised its stake in Incyte by 180.8% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 85,480 shares of the biopharmaceutical company’s stock valued at $7,250,000 after purchasing an additional 55,039 shares during the last quarter. Groupama Asset Managment lifted its holdings in Incyte by 1.4% in the 3rd quarter. Groupama Asset Managment now owns 73,075 shares of the biopharmaceutical company’s stock valued at $6,197,000 after purchasing an additional 987 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Incyte by 153.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 726 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 440 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new stake in shares of Incyte during the third quarter worth about $1,921,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.