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

Incyte Co. (NASDAQ:INCY) saw unusually-strong 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.

Analyst Ratings Changes

A number of equities analysts have recently commented on INCY shares. Jefferies Financial Group started coverage on shares of Incyte in a research note on Friday, February 23rd. They issued a “buy” rating and a $81.00 target price on the stock. Bank of America cut their target price on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. Truist Financial cut their target price on shares of Incyte from $91.00 to $84.00 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Royal Bank of Canada reissued a “sector perform” rating and issued a $65.00 target price on shares of Incyte in a research note on Monday, March 25th. Finally, Stifel Nicolaus raised their target price on shares of Incyte from $67.00 to $68.00 and gave the company a “hold” rating in a research note on Wednesday, February 14th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Incyte presently has an average rating of “Moderate Buy” and an average price target of $76.07.

Incyte Price Performance

The company’s 50-day moving average price is $57.56 and its two-hundred day moving average price is $57.96. The company has a market cap of $11.86 billion, a P/E ratio of 19.93, a P/E/G ratio of 1.22 and a beta of 0.65. The company has a current ratio of 3.55, a quick ratio of 3.36 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 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.09). The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Incyte had a return on equity of 12.56% and a net margin of 16.17%. Incyte’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 EPS. As a group, sell-side analysts expect that Incyte Co. will post 3.84 earnings per share for the current year.

Institutional Investors Weigh In On Incyte

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cape Investment Advisory Inc. acquired a new position in shares of Incyte in the 4th quarter valued at about $25,000. Clear Street Markets LLC boosted its holdings in shares of Incyte by 93.6% in the 1st quarter. Clear Street Markets LLC now owns 362 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 175 shares during the period. Larson Financial Group LLC boosted its holdings in shares of Incyte by 4,220.0% in the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 422 shares during the period. Riverview Trust Co acquired a new position in shares of Incyte in the 1st quarter valued at about $29,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of Incyte in the 4th quarter valued at about $31,000. 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.