Incyte (NASDAQ:INCY) Hits New 1-Year High – Should You Buy?

Incyte Corporation (NASDAQ:INCY)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $119.60 and last traded at $118.7740, with a volume of 536868 shares changing hands. The stock had previously closed at $116.65.

Analysts Set New Price Targets

INCY has been the topic of a number of research analyst reports. Sanford C. Bernstein initiated coverage on shares of Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 target price on the stock. Truist Financial raised their price objective on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Barclays upped their target price on Incyte from $117.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday. HC Wainwright reissued a “buy” rating on shares of Incyte in a research note on Tuesday. Finally, UBS Group upped their price objective on Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Eight investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $109.95.

Incyte Price Performance

The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The business’s 50-day simple moving average is $104.99 and its two-hundred day simple moving average is $101.03. The firm has a market cap of $23.42 billion, a price-to-earnings ratio of 16.56, a P/E/G ratio of 1.06 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $1.22 billion. During the same quarter in the previous year, the company earned $1.16 EPS. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. As a group, research analysts expect that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Institutional Trading of Incyte

A number of large investors have recently bought and sold shares of INCY. Elyxium Wealth LLC bought a new position in shares of Incyte during the 4th quarter worth approximately $28,000. Smithfield Trust Co increased its stake in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in shares of Incyte during the 2nd quarter valued at $32,000. CYBER HORNET ETFs LLC acquired a new position in shares of Incyte during the 2nd quarter valued at $33,000. Finally, Leonteq Securities AG bought a new position in Incyte during the fourth quarter worth $35,000. 96.97% of the stock is currently 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.