Incyte (NASDAQ:INCY) Sets New 52-Week High - What's Next?

Incyte Co. (NASDAQ:INCY - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $76.38 and last traded at $76.25, with a volume of 156594 shares trading hands. The stock had previously closed at $76.13.

Analysts Set New Price Targets

INCY has been the topic of several recent analyst reports. The Goldman Sachs Group upped their target price on Incyte from $63.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Oppenheimer increased their price objective on Incyte from $81.00 to $82.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Truist Financial reissued a "hold" rating and issued a $74.00 price objective (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Citigroup increased their price objective on Incyte from $92.00 to $97.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Finally, Morgan Stanley increased their price objective on Incyte from $64.00 to $69.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $76.74.

Incyte Stock Down 0.5 %

The company has a market cap of $14.59 billion, a PE ratio of 543.04, a P/E/G ratio of 6.49 and a beta of 0.71. The business has a 50-day simple moving average of $66.04 and a 200-day simple moving average of $61.97. The company has a quick ratio of 1.84, a current ratio of 1.87 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter last year, the business earned $0.91 EPS. The business's revenue was up 23.8% compared to the same quarter last year. Equities research analysts anticipate that Incyte Co. will post 0.52 EPS for the current year.

Insider Activity at Incyte

In related news, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares of the company's stock, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the sale, the executive vice president now owns 36,390 shares of the company's stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas Tray sold 572 shares of the firm's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company's stock, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 17.60% of the company's stock.

Institutional Investors Weigh In On Incyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MFA Wealth Advisors LLC purchased a new position in shares of Incyte during the second quarter worth $26,000. Fidelis Capital Partners LLC purchased a new position in shares of Incyte during the first quarter worth $32,000. Innealta Capital LLC purchased a new position in shares of Incyte during the second quarter worth $32,000. Itau Unibanco Holding S.A. purchased a new position in shares of Incyte during the second quarter worth $36,000. Finally, Deseret Mutual Benefit Administrators boosted its position in shares of Incyte by 37.1% during the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company's stock worth $37,000 after buying an additional 164 shares during the period. Institutional investors and hedge funds 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.