Incyte (NASDAQ:INCY) Sees Large Volume Increase

Shares of Incyte Co. (NASDAQ:INCY) saw unusually-strong trading volume on Wednesday . Approximately 941,385 shares traded hands during mid-day trading, a decline of 44% from the previous session’s volume of 1,687,186 shares.The stock last traded at $53.67 and had previously closed at $53.22.

Analyst Ratings Changes

A number of brokerages have recently issued reports on INCY. William Blair reaffirmed an “outperform” rating on shares of Incyte in a report on Tuesday, February 6th. Citigroup cut their price objective on Incyte from $82.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday, February 14th. Royal Bank of Canada reissued a “sector perform” rating and set a $65.00 target price on shares of Incyte in a report on Monday, March 25th. JMP Securities downgraded Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Finally, BMO Capital Markets upped their price objective on shares of Incyte from $58.00 to $64.00 and gave the company a “market perform” rating in a report on Wednesday, February 14th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.07.

Incyte Price Performance

The company has a quick ratio of 3.36, a current ratio of 3.55 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $57.75 and its two-hundred day moving average is $58.03. The firm has a market cap of $11.96 billion, a P/E ratio of 20.08, a P/E/G ratio of 1.24 and a beta of 0.65.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a net margin of 16.17% and a return on equity of 12.56%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the business posted $0.44 EPS. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, analysts anticipate that Incyte Co. will post 3.84 earnings per share for the current year.

Institutional Investors Weigh In On Incyte

Several institutional investors have recently made changes to their positions in INCY. Cape Investment Advisory Inc. bought a new position in shares of Incyte in the fourth quarter worth approximately $25,000. Clear Street Markets LLC lifted its stake in Incyte by 93.6% in the first quarter. Clear Street Markets LLC now owns 362 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 175 shares during the last quarter. Larson Financial Group LLC grew its position in Incyte by 4,220.0% during the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 422 shares during the last quarter. Riverview Trust Co bought a new stake in Incyte in the 1st quarter worth $29,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Incyte in the fourth quarter worth about $31,000. 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.