Incyte (NASDAQ:INCY) Sets New 52-Week High – Should You Buy?

Incyte Co. (NASDAQ:INCY)’s stock price 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. The stock had previously closed at $76.13.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on INCY shares. JPMorgan Chase & Co. lifted their price objective on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. The Goldman Sachs Group boosted their price objective on shares of Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Truist Financial reaffirmed a “hold” rating and issued a $74.00 target price (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Wells Fargo & Company boosted their price target on Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and an average price target of $76.74.

Incyte Stock Performance

The stock’s 50 day moving average price is $66.49 and its 200 day moving average price is $62.30. The company has a market capitalization of $15.40 billion, a P/E ratio of 552.00, a price-to-earnings-growth ratio of 6.68 and a beta of 0.71. 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 quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.08 billion. During the same period last year, the company posted $0.91 EPS. The business’s revenue was up 23.8% compared to the same quarter last year. As a group, equities analysts expect that Incyte Co. will post 0.52 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated 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 transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Thomas Tray sold 572 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction dated 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Institutional investors have recently bought and sold shares of the company. Haverford Trust Co raised its stake in shares of Incyte by 1.8% in the third quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock valued at $515,000 after buying an additional 135 shares during the period. V Square Quantitative Management LLC increased its stake in shares of Incyte by 4.1% in the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $262,000 after purchasing an additional 155 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its stake in shares of Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 164 shares in the last quarter. Moody National Bank Trust Division boosted its holdings in shares of Incyte by 1.3% in the second quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock worth $861,000 after acquiring an additional 179 shares during the period. Finally, Ballentine Partners LLC grew its position in shares of Incyte by 4.0% in the second quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock valued at $287,000 after purchasing an additional 182 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

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.