Incyte (NASDAQ:INCY) Sees Unusually-High Trading Volume

Incyte Co. (NASDAQ:INCY) saw unusually-high trading volume on Wednesday . Approximately 941,385 shares changed 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.

Wall Street Analysts Forecast Growth

INCY has been the topic of several research analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $65.00 price objective on shares of Incyte in a research report on Monday, March 25th. BMO Capital Markets boosted their price objective on Incyte from $58.00 to $64.00 and gave the company a “market perform” rating in a research report on Wednesday, February 14th. Truist Financial lowered their price objective on Incyte from $91.00 to $84.00 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. Bank of America lowered their price objective on Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. Finally, Citigroup decreased their target price on Incyte from $82.00 to $81.00 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Incyte currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.07.

Incyte Stock Up 0.2 %

The company has a market capitalization of $11.86 billion, a P/E ratio of 19.93, a PEG ratio of 1.22 and a beta of 0.65. The company has a 50 day simple moving average of $57.56 and a two-hundred day simple moving average of $57.96. The company has a quick ratio of 3.36, a current ratio of 3.55 and a debt-to-equity ratio of 0.01.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada grew its stake in Incyte by 117.4% in the first quarter. Royal Bank of Canada now owns 7,682,752 shares of the biopharmaceutical company’s stock worth $610,164,000 after purchasing an additional 4,148,559 shares in the last quarter. Norges Bank bought a new position in Incyte in the fourth quarter worth approximately $123,253,000. LSV Asset Management grew its stake in Incyte by 119.6% in the fourth quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock worth $169,020,000 after purchasing an additional 1,465,792 shares in the last quarter. Pacer Advisors Inc. grew its stake in Incyte by 2,858.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,025,784 shares of the biopharmaceutical company’s stock worth $64,409,000 after purchasing an additional 991,110 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in Incyte by 585.8% in the third quarter. Los Angeles Capital Management LLC now owns 1,145,362 shares of the biopharmaceutical company’s stock worth $66,168,000 after purchasing an additional 978,342 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

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.