Incyte (NASDAQ:INCY) Reaches New 1-Year High – Time to Buy?

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

Analysts Set New Price Targets

A number of analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Oppenheimer boosted their target price on shares of Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. StockNews.com raised Incyte from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 31st. Finally, William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $76.74.

Incyte Price Performance

The company has a market cap of $15.40 billion, a P/E ratio of 552.00, a P/E/G ratio of 6.68 and a beta of 0.71. The stock has a 50-day simple moving average of $66.49 and a 200 day simple moving average of $62.30. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87.

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

Insider Buying and Selling at Incyte

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

Institutional Investors Weigh In On Incyte

Several hedge funds and other institutional investors have recently made changes to their positions in INCY. ProShare Advisors LLC boosted its stake in Incyte by 14.4% during the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock worth $3,594,000 after acquiring an additional 7,925 shares during the last quarter. Kennedy Capital Management LLC bought a new position in Incyte during the first quarter worth about $463,000. Magnetar Financial LLC bought a new position in shares of Incyte during the 1st quarter worth approximately $1,817,000. Andra AP fonden raised its stake in Incyte by 35.2% in the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after acquiring an additional 64,500 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its position in Incyte by 19.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 152,452 shares of the biopharmaceutical company’s stock worth $8,652,000 after purchasing an additional 24,328 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

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.