In the last trading session, 4.66 million Incyte Corporation (NASDAQ:INCY) shares changed hands as the company’s beta touched 0.70. With the company’s per share price at $59.51 changed hands at -$3.04 or -4.86% during last session, the market valuation stood at $13.53B. INCY’s last price was a discount, traded about -45.0% off its 52-week high of $86.29. The share price had its 52-week low at $60.56, which suggests the last value was -1.76% down since then. When we look at Incyte Corporation’s average trading volume, we note the 10-day average is 2.12 million shares, with the 3-month average coming to 1.71 million.
Analysts gave the Incyte Corporation (INCY) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.30. If we narrow down to specifics, the data shows that 0 out of 22 analysts rate the stock as a Sell, with a further 2 assigning it an Overweight rating. Of the remaining, 10 recommended INCY as a Hold, 10 felt it is a Buy and 0 rated the stock as Underweight. Incyte Corporation’s EPS for the current quarter is expected to be $1.02.
Incyte Corporation (NASDAQ:INCY) trade information
Instantly INCY was in red as seen at the end of in last trading. With action -7.61%, the performance over the past five days has been red. The drop to weekly highs of 64.69 on Monday, 09/18/23 subtracted -4.86% to the stock’s daily price. The company’s shares are showing year-to-date downside of -25.91%, with the 5-day performance at -7.61% in the red. However, in the 30-day time frame, Incyte Corporation (NASDAQ:INCY) is -7.32% down. Looking at the short shares, we see there were 5.71 million shares sold at short interest cover period of 3.98 days.
The consensus price target for the stock as assigned by Wall Street analysts is $82.95, meaning bulls need an upside of 28.26% from its current market value. According to analyst projections, INCY’s forecast low is $65.00 with $114.00 as the target high. To hit the forecast high, the stock’s price needs a -91.56% plunge from its current level, while the stock would need to soar -9.23% for it to hit the projected low.
Incyte Corporation (INCY) estimates and forecasts
Data shows that the Incyte Corporation share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -19.17% over the past 6 months, a 32.01% in annual growth rate that is considerably higher than the industry average of 11.90%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Incyte Corporation will rise 70.00%, while the growth in revenue is estimated to hit 93.50% for the next quarter. Year-over-year growth is forecast to reach 10.50% up from the last financial year.
Consensus estimates given by 14 financial analysts project the company’s revenue in the current quarter to hit an average of $968.14 million. 13 analysts are of the opinion that Incyte Corporation’s revenue for the quarter ending Dec 2023 will be $1.01 billion. The company’s revenue for the corresponding quarters a year ago was $842.64 million and $926.7 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 14.90%. The estimates for the next quarter sales put growth at 9.30%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 24.50%. The 2023 estimates are for Incyte Corporation earnings to decrease by -64.40%, but the outlook for the next 5-year period is at 14.00% per year.
Incyte Corporation is expected to release its next quarterly earnings report between October 30 and November 03.
Incyte Corporation (NASDAQ:INCY)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 1.43% of Incyte Corporation shares while 99.44% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 100.88%. There are 99.44% institutions holding the Incyte Corporation stock share, with Baker Brothers Advisors, LLC the top institutional holder. As of Jun 29, 2023, the company held 16.14% of the shares, roughly 36.18 million INCY shares worth $2.15 billion.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 10.66% or 23.88 million shares worth $1.42 billion as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Dodge & Cox Stock Fund and Vanguard Total Stock Market Index Fund. With 12.05 million shares estimated at $716.86 million under it, the former controlled 5.38% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.64% of the shares, roughly 5.91 million shares worth around $351.42 million.