Incyte (NASDAQ:INCY) Sets New 52-Week High – Here’s Why

Shares of Incyte Corporation (NASDAQ:INCY) hit a new 52-week high during trading on Monday . The stock traded as high as $107.20 and last traded at $107.7940, with a volume of 6168 shares changing hands. The stock had previously closed at $105.98.

Analyst Ratings Changes

INCY has been the subject of several analyst reports. Barclays raised their price target on shares of Incyte from $90.00 to $101.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Stifel Nicolaus increased their price objective on shares of Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. UBS Group reissued a “neutral” rating and set a $68.00 target price (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Wells Fargo & Company upped their price target on shares of Incyte from $89.00 to $97.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Finally, Piper Sandler increased their price target on Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Seven investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Incyte presently has an average rating of “Hold” and a consensus price target of $92.77.

Incyte Stock Up 0.1%

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 2.78. The firm’s fifty day moving average price is $89.59 and its two-hundred day moving average price is $77.50. The stock has a market cap of $21.25 billion, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 0.70 and a beta of 0.74.

Insider Activity at Incyte

In related news, EVP Lee Heeson sold 3,074 shares of Incyte stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total value of $289,017.48. Following the completion of the sale, the executive vice president owned 29,241 shares of the company’s stock, valued at approximately $2,749,238.82. This trade represents a 9.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of the business’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total transaction of $60,613.28. Following the sale, the executive vice president owned 26,569 shares of the company’s stock, valued at $2,693,033.84. This trade represents a 2.20% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 4,227 shares of company stock worth $396,327. Corporate insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. purchased a new stake in shares of Incyte in the third quarter valued at about $26,000. Root Financial Partners LLC purchased a new stake in Incyte in the 3rd quarter valued at about $28,000. Quent Capital LLC purchased a new stake in Incyte in the 3rd quarter valued at about $30,000. FNY Investment Advisers LLC bought a new position in shares of Incyte during the 2nd quarter worth approximately $27,000. Finally, Banque Transatlantique SA purchased a new position in shares of Incyte in the 1st quarter worth approximately $26,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.