Incyte (NASDAQ:INCY) Shares Up 7.1% – Here’s What Happened

Incyte Co. (NASDAQ:INCY) shares shot up 7.1% during mid-day trading on Tuesday . The company traded as high as $70.97 and last traded at $69.96. 2,012,269 shares changed hands during trading, a decline of 12% from the average session volume of 2,288,712 shares. The stock had previously closed at $65.31.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on INCY shares. Royal Bank of Canada boosted their target price on Incyte from $64.00 to $67.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 30th. William Blair cut shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 18th. JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, February 11th. UBS Group reissued a “neutral” rating and issued a $61.00 price target on shares of Incyte in a report on Tuesday. Finally, Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $72.53.

Incyte Stock Performance

The stock has a fifty day moving average of $60.88 and a 200-day moving average of $67.28. The firm has a market capitalization of $12.97 billion, a P/E ratio of 248.08, a P/E/G ratio of 0.41 and a beta of 0.68. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.15. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $996.17 million. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The firm’s revenue was up 19.5% compared to the same quarter last year. During the same period last year, the company earned $0.64 earnings per share. On average, research analysts anticipate that Incyte Co. will post 4.86 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Barry P. Flannelly sold 19,807 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the sale, the executive vice president now owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. This represents a 37.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

Institutional investors have recently added to or reduced their stakes in the company. Quintet Private Bank Europe S.A. bought a new position in Incyte during the fourth quarter worth about $26,000. Global X Japan Co. Ltd. boosted its stake in shares of Incyte by 144.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 230 shares during the period. R Squared Ltd acquired a new position in shares of Incyte during the 4th quarter worth approximately $30,000. Banque Transatlantique SA acquired a new position in shares of Incyte during the 1st quarter worth approximately $26,000. Finally, Raiffeisen Bank International AG bought a new stake in Incyte in the 4th quarter valued at $34,000. 96.97% of the stock is currently 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.