Incyte (NASDAQ:INCY) Stock Price Up 5.9%

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Incyte Co. (NASDAQ:INCY)’s share price rose 5.9% on Monday . The stock traded as high as $94.55 and last traded at $93.15. Approximately 1,429,144 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 1,657,089 shares. The stock had previously closed at $88.00.

INCY has been the topic of several research reports. SVB Leerink upped their target price on Incyte from $86.00 to $87.00 and gave the company a “market perform” rating in a report on Tuesday, August 4th. Cowen restated a “buy” rating on shares of Incyte in a research report on Sunday, August 9th. Credit Suisse Group reduced their price objective on Incyte from $100.00 to $97.00 and set a “neutral” rating on the stock in a research report on Thursday, August 6th. Mizuho started coverage on Incyte in a research report on Tuesday, August 4th. They issued a “hold” rating and a $95.00 price objective on the stock. Finally, William Blair restated a “buy” rating on shares of Incyte in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Incyte currently has a consensus rating of “Hold” and a consensus target price of $101.86.

The stock has a market cap of $20.00 billion, a price-to-earnings ratio of -98.87 and a beta of 1.07. The business has a 50 day simple moving average of $94.77 and a two-hundred day simple moving average of $92.95. The company has a current ratio of 3.73, a quick ratio of 3.70 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, August 4th. The biopharmaceutical company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.68 by $0.36. The company had revenue of $688.00 million during the quarter, compared to analyst estimates of $617.55 million. Incyte had a negative return on equity of 8.06% and a negative net margin of 8.00%. The business’s revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 EPS. Research analysts anticipate that Incyte Co. will post -1.12 EPS for the current fiscal year.

In related news, EVP Dashyant Dhanak sold 961 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $88.94, for a total value of $85,471.34. Following the sale, the executive vice president now owns 28,971 shares of the company’s stock, valued at approximately $2,576,680.74. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Maria E. Pasquale sold 1,423 shares of the firm’s stock in a transaction that occurred on Friday, June 19th. The stock was sold at an average price of $100.00, for a total value of $142,300.00. Following the completion of the sale, the executive vice president now directly owns 25,084 shares in the company, valued at approximately $2,508,400. The disclosure for this sale can be found here. In the last quarter, insiders sold 252,368 shares of company stock valued at $26,711,586. Insiders own 16.10% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Evoke Wealth LLC lifted its holdings in shares of Incyte by 143.0% in the 2nd quarter. Evoke Wealth LLC now owns 384 shares of the biopharmaceutical company’s stock worth $40,000 after purchasing an additional 226 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Incyte by 248.5% in the 2nd quarter. Bessemer Group Inc. now owns 460 shares of the biopharmaceutical company’s stock worth $48,000 after purchasing an additional 328 shares during the last quarter. Ellevest Inc. lifted its holdings in shares of Incyte by 97.5% in the 2nd quarter. Ellevest Inc. now owns 547 shares of the biopharmaceutical company’s stock worth $57,000 after purchasing an additional 270 shares during the last quarter. Harbor Investment Advisory LLC lifted its holdings in shares of Incyte by 27.1% in the 1st quarter. Harbor Investment Advisory LLC now owns 868 shares of the biopharmaceutical company’s stock worth $64,000 after purchasing an additional 185 shares during the last quarter. Finally, Glenmede Trust Co. NA lifted its holdings in shares of Incyte by 24.4% in the 2nd quarter. Glenmede Trust Co. NA now owns 1,173 shares of the biopharmaceutical company’s stock worth $121,000 after purchasing an additional 230 shares during the last quarter. 93.35% of the stock is currently owned by institutional investors and hedge funds.

About Incyte (NASDAQ:INCY)

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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