Incyte (INCY)
Market Price (3/21/2026): $92.04 | Market Cap: $18.2 BilSector: Health Care | Industry: Biotechnology
Incyte (INCY)
Market Price (3/21/2026): $92.04Market Cap: $18.2 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0%, FCF Yield is 7.4% | Weak multi-year price returns3Y Excs Rtn is -42% | Key risksINCY key risks include [1] significant revenue concentration on its lead drug Jakafi ahead of its 2028 patent expiration and [2] a challenging history of setbacks and failures in its clinical development pipeline. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20% | ||
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% | ||
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% | ||
| Low stock price volatilityVol 12M is 34% | ||
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0%, FCF Yield is 7.4% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -42% |
| Key risksINCY key risks include [1] significant revenue concentration on its lead drug Jakafi ahead of its 2028 patent expiration and [2] a challenging history of setbacks and failures in its clinical development pipeline. |
Qualitative Assessment
AI Analysis | Feedback
1. Incyte reported an adjusted earnings per share (EPS) of $1.80 for the fourth quarter of 2025, missing the Zacks Consensus Estimate of $1.94 and analysts' expectations of $1.83 by 1.64%.
2. The company experienced significant clinical trial setbacks with its KRAS G12D inhibitors in early March 2026. A Phase 1 solid tumor study for INCB161734 was placed on clinical hold by four European Union member states due to a Grade 5 pneumonitis (death) in a participant, along with three other confirmed or suspected pneumonitis cases. Concurrently, a study for another KRAS G12D inhibitor, INCB186748, ceased recruitment after enrolling only 10% of its target.
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Stock Movement Drivers
Fundamental Drivers
The -13.1% change in INCY stock from 11/30/2025 to 3/20/2026 was primarily driven by a -19.0% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 104.46 | 90.78 | -13.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,813 | 5,141 | 6.8% |
| Net Income Margin (%) | 24.7% | 25.0% | 1.3% |
| P/E Multiple | 17.2 | 13.9 | -19.0% |
| Shares Outstanding (Mil) | 196 | 197 | -0.9% |
| Cumulative Contribution | -13.1% |
Market Drivers
11/30/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| INCY | -13.1% | |
| Market (SPY) | -4.8% | 40.1% |
| Sector (XLV) | -7.8% | 59.2% |
Fundamental Drivers
The 7.3% change in INCY stock from 8/31/2025 to 3/20/2026 was primarily driven by a 31.8% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 84.61 | 90.78 | 7.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,585 | 5,141 | 12.1% |
| Net Income Margin (%) | 19.0% | 25.0% | 31.8% |
| P/E Multiple | 18.8 | 13.9 | -26.1% |
| Shares Outstanding (Mil) | 194 | 197 | -1.7% |
| Cumulative Contribution | 7.3% |
Market Drivers
8/31/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| INCY | 7.3% | |
| Market (SPY) | 1.1% | 31.6% |
| Sector (XLV) | 6.2% | 48.1% |
Fundamental Drivers
The 23.5% change in INCY stock from 2/28/2025 to 3/20/2026 was primarily driven by a 3154.4% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.50 | 90.78 | 23.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,241 | 5,141 | 21.2% |
| Net Income Margin (%) | 0.8% | 25.0% | 3154.4% |
| P/E Multiple | 435.3 | 13.9 | -96.8% |
| Shares Outstanding (Mil) | 193 | 197 | -2.2% |
| Cumulative Contribution | 23.5% |
Market Drivers
2/28/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| INCY | 23.5% | |
| Market (SPY) | 10.4% | 35.2% |
| Sector (XLV) | -1.1% | 46.4% |
Fundamental Drivers
The 17.9% change in INCY stock from 2/28/2023 to 3/20/2026 was primarily driven by a 149.4% change in the company's Net Income Margin (%).| (LTM values as of) | 2282023 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.98 | 90.78 | 17.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,395 | 5,141 | 51.5% |
| Net Income Margin (%) | 10.0% | 25.0% | 149.4% |
| P/E Multiple | 50.3 | 13.9 | -72.3% |
| Shares Outstanding (Mil) | 223 | 197 | 12.8% |
| Cumulative Contribution | 17.9% |
Market Drivers
2/28/2023 to 3/20/2026| Return | Correlation | |
|---|---|---|
| INCY | 17.9% | |
| Market (SPY) | 70.3% | 27.9% |
| Sector (XLV) | 19.6% | 41.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INCY Return | -16% | 9% | -22% | 10% | 43% | -6% | 7% |
| Peers Return | 26% | 13% | -7% | 1% | 15% | 8% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -3% | 76% |
Monthly Win Rates [3] | |||||||
| INCY Win Rate | 50% | 67% | 58% | 58% | 75% | 67% | |
| Peers Win Rate | 55% | 52% | 40% | 53% | 53% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| INCY Max Drawdown | -27% | -10% | -35% | -18% | -20% | -7% | |
| Peers Max Drawdown | -7% | -13% | -22% | -16% | -15% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -3% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BMY, GILD, AMGN, REGN, PFE. See INCY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/20/2026 (YTD)
How Low Can It Go
| Event | INCY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -48.1% | -25.4% |
| % Gain to Breakeven | 92.7% | 34.1% |
| Time to Breakeven | 735 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -27.6% | -33.9% |
| % Gain to Breakeven | 38.2% | 51.3% |
| Time to Breakeven | 16 days | 148 days |
| 2018 Correction | ||
| % Loss | -61.7% | -19.8% |
| % Gain to Breakeven | 161.0% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.5% | -56.8% |
| % Gain to Breakeven | 505.9% | 131.3% |
| Time to Breakeven | 365 days | 1,480 days |
Compare to BMY, GILD, AMGN, REGN, PFE
In The Past
Incyte's stock fell -48.1% during the 2022 Inflation Shock from a high on 1/25/2021. A -48.1% loss requires a 92.7% gain to breakeven.
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About Incyte (INCY)
AI Analysis | Feedback
Here are a few analogies for Incyte:
- Like a more specialized Bristol Myers Squibb (BMS), focusing on innovative therapies for certain cancers and immune disorders.
- Gilead Sciences, but with its primary focus on developing advanced treatments for blood cancers and autoimmune conditions rather than antivirals.
- Think of a focused Amgen, specifically targeting difficult-to-treat cancers and inflammatory conditions with its proprietary drugs.
AI Analysis | Feedback
Incyte's major products are proprietary therapeutic drugs:
- JAKAFI: A drug used for the treatment of myelofibrosis and polycythemia vera.
- PEMAZYRE: A fibroblast growth factor receptor kinase inhibitor acting as an oncogenic driver in various liquid and solid tumor types.
- ICLUSIG: A kinase inhibitor used to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia.
AI Analysis | Feedback
Incyte (symbol: INCY) is a biopharmaceutical company that develops and commercializes proprietary therapeutics, which are prescription drugs. As such, it sells primarily to other companies within the healthcare supply chain, rather than directly to individual patients. These customers typically include:
- Pharmaceutical wholesale distributors
- Retail and mail-order pharmacies
- Hospitals and clinics
However, the provided background information does not identify specific major customer companies by name that purchase Incyte's commercialized products (e.g., JAKAFI, PEMAZYRE, ICLUSIG) for distribution or direct patient use. The companies listed in the background are primarily collaboration partners for research, development, and co-commercialization efforts, not direct customers for Incyte's currently marketed drugs.
AI Analysis | Feedback
- Novartis International Pharmaceutical Ltd. (NVS)
- Eli Lilly and Company (LLY)
- Agenus Inc. (AGEN)
- Calithera Biosciences, Inc
- MacroGenics, Inc. (MGNX)
- Merus N.V. (MRUS)
- Syros Pharmaceuticals, Inc. (SYRS)
- Innovent Biologics, Inc. (1801.HK)
- Zai Lab Limited (ZLAB)
- Cellenkos, Inc.
- Nimble Therapeutics
- MorphoSys AG (MOR)
- Xencor, Inc. (XNCR)
AI Analysis | Feedback
Bill Meury, President and Chief Executive Officer
Bill Meury joined Incyte in 2025 as President and Chief Executive Officer and a member of the Board of Directors. He has over three decades of industry experience in organizational strategy, pipeline and commercial execution, and capital allocation. Before Incyte, Mr. Meury was CEO of Anthos Therapeutics, which was acquired by Novartis for $925 million. Prior to Anthos, he served as President and CEO of Karuna Therapeutics, leading its transition into a fully integrated R&D and commercial organization, which later merged with Bristol Myers Squibb in a $14 billion deal. He also served as a Partner at Hildred Capital Management, a private equity firm focused on healthcare. Earlier in his career, he spent more than two decades at Allergan, serving as Chief Commercial Officer, overseeing a global business with $16 billion in revenue and approximately 8,000 employees, until its acquisition by AbbVie.
Thomas Tray, Principal Financial Officer
Thomas Tray was appointed as Incyte's Principal Financial Officer, effective September 16, 2025. He previously served as the Vice President, Finance and Chief Accounting Officer. Mr. Tray joined Incyte Corporation in June 2005 as Manager of External Reporting and has held roles of increasing responsibility since then. He holds a Bachelor of Science in Accounting from Mount Saint Mary's University and an Executive MBA in Pharmaceutical Marketing from Saint Joseph's University.
Pablo J. Cagnoni, M.D., President, Head of Research & Development
Dr. Pablo J. Cagnoni joined Incyte in 2023 as President, Head of Research & Development. In this role, he oversees Incyte's research and development efforts across its portfolio in Hematology, Oncology, and Inflammation and Autoimmunity. Prior to Incyte, Dr. Cagnoni served as CEO of Laronde and held leadership roles at Rubius Therapeutics, Tizona Therapeutics, Onyx Pharmaceuticals, and Novartis Oncology.
Steven H. Stein, M.D., Executive Vice President and Chief Medical Officer
Dr. Steven Stein joined Incyte in 2015 and currently serves as Executive Vice President and Chief Medical Officer. As CMO, he is responsible for clinical development, clinical operations, pharmacovigilance, statistics and data management, and regulatory affairs. Before joining Incyte, he worked at Novartis Pharmaceuticals Corporation, most recently as Senior Vice President, U.S. Clinical Development & Medical Affairs for Novartis Oncology.
Richard Hoffman, Executive Vice President and General Counsel
Richard Hoffman joined Incyte in December 2025 as Executive Vice President and General Counsel. He leads the Company's global legal and compliance functions and has over 20 years of experience advising and supporting biopharmaceutical and life science companies.
AI Analysis | Feedback
Here are the key risks to Incyte's business:
-
Jakafi Patent Cliff: Incyte faces a significant risk due to the upcoming patent expiration of its flagship drug, Jakafi (ruxolitinib). Jakafi is a major revenue driver, accounting for a substantial portion of the company's total net product revenue, with some reports indicating it generated almost $4 billion yearly. The generic launch date for Jakafi in the U.S. is estimated around March 22, 2029, with its patents expiring before 2030. Analysts project a dramatic revenue decline, potentially over 50% in the first year, as generic versions enter the market. Incyte is actively planning for a "post-Jakafi era" to manage this loss of exclusivity.
-
Pipeline Dependence and Clinical Development Risk: To mitigate the impact of the Jakafi patent expiration, Incyte is heavily reliant on the successful development and commercialization of its pipeline products. The company is investing significantly in its late-stage pipeline, with multiple anticipated product launches. However, pipeline execution carries inherent risks, as evidenced by past clinical trial setbacks. The failure of key candidates to achieve regulatory approval or market uptake could severely impact Incyte's ability to offset the revenue decline from Jakafi.
-
Intense Competition and Regulatory/Pricing Pressures: Incyte operates in the highly competitive biopharmaceutical industry, where it constantly faces the threat of new entrants and existing competitors introducing alternative therapies that could diminish demand for its products. Additionally, the company is subject to stringent regulatory requirements for drug approval and commercialization. There is also an ongoing risk from political and legislative changes, such as efforts to negotiate lower drug prices, which could adversely affect the pricing and profitability of Incyte's products, including Jakafi.
AI Analysis | Feedback
nullAI Analysis | Feedback
Incyte (NASDAQ: INCY) offers a range of proprietary therapeutics with the following addressable market sizes for its main products:
- JAKAFI (ruxolitinib):
- For Myelofibrosis: The global myelofibrosis treatment market was valued at approximately USD 2.2 billion in 2024, with projections to increase to USD 5.638 billion in 2034 across the 7 major markets (US, EU4, UK, and Japan). The US alone represented nearly USD 1,700 million of this market in 2024.
- For Polycythemia Vera: The market size for Polycythemia Vera in the 7 major markets (7MM: United States, EU4, UK, and Japan) was approximately USD 1.90 billion in 2024 and is projected to increase during the forecast period (2025-2034). The United States market for Polycythemia Vera was approximately USD 1.44 billion in 2024. The global Polycythemia Vera treatment market was valued at USD 8 billion in 2025 and is expected to reach USD 14.8 billion by 2035.
- PEMAZYRE (pemigatinib):
- For Cholangiocarcinoma: The global cholangiocarcinoma therapeutics market was estimated at USD 1.2 billion in 2024 and is projected to reach approximately USD 2.2 billion by 2030. Another report indicates the global market size was USD 583.65 million in 2025 and is expected to reach USD 2.42 billion by 2035. North America is anticipated to hold the largest share of this market, with about 35% by 2035.
- ICLUSIG:
- For Chronic Myeloid Leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia: The 7 major chronic myeloid leukemia market was valued at USD 5.7 billion in 2024 and is expected to reach USD 8.9 billion by 2035. The global chronic myeloid leukemia treatment market was valued at USD 8.6 billion in 2023 and is anticipated to reach USD 14.3 billion by 2033. North America held a strong lead with over 42% market share in 2023.
- ruxolitinib for steroid-refractory chronic graft-versus-host-diseases (GVHD) and itacitinib for naïve chronic GVHD: Null
- pemigatinib for bladder cancer, myeloproliferative syndrome, and tumor agnostic: Null
- Parsaclisib:
- For Follicular Lymphoma: The follicular lymphoma market size in the 7 major markets (7MM) is expected to grow from USD 1,702 million in 2025 to USD 3,081 million in 2036. The United States accounted for the largest market share in the 7MM, with approximately USD 1,000 million in 2024. The global follicular lymphoma drugs market was valued at USD 1.8 billion in 2024 and is projected to grow to USD 3.05 billion by 2032.
- For Marginal Zone Lymphoma: The marginal zone lymphoma market across the top 7 markets (US, EU4, UK, and Japan) reached a value of USD 1.8 billion in 2024 and is expected to reach USD 3.0 billion by 2035. The global Marginal Zone Lymphoma (MZL) treatment market, estimated at USD 2 billion in 2025, is projected to reach USD 3.8 billion by 2033.
- For Mantle Cell Lymphoma: The global mantle cell lymphoma therapeutics market size was valued at USD 1.45 billion in 2025 and is projected to grow to USD 2.78 billion by 2034. North America is the largest market, accounting for approximately 45% of the global market share. Another source states the global market size was USD 2.6 billion in 2025 and is expected to grow to USD 3.81 billion in 2030.
- Retifanlimab:
- For MSI-high endometrial cancer: Null
- For Merkel Cell Carcinoma: The global Merkel cell carcinoma therapeutics market size was valued at USD 1.97 billion in 2025 and is projected to grow to USD 3.71 billion by 2034. North America holds 42% of this market. Another report estimates the global market at USD 3.24 billion in 2024, projected to grow to USD 4.53 billion by 2033.
- For Anal Cancer: The global anal cancer market size was valued at USD 928.91 million in 2024 and is projected to grow to USD 1444.76 million in 2033. North America is the most significant global anal cancer market shareholder. The U.S. anal cancer market was valued at USD 0.43 billion in 2024 and is expected to reach USD 0.75 billion by 2032.
- For Non-Small Cell Lung Cancer: The global non-small cell lung cancer (NSCLC) market was estimated at USD 20.2 billion in 2024, expected to grow to USD 53.9 billion in 2034. The NSCLC market in the 7 major markets is projected to reach approximately USD 65 billion by 2034. North America is the largest market, with an estimated share of 38.7% in 2025.
AI Analysis | Feedback
Incyte (INCY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Continued Growth and Lifecycle Management of Jakafi (ruxolitinib): Jakafi, Incyte's flagship product, is anticipated to maintain strong demand across its approved indications, including myelofibrosis, polycythemia vera, and graft-versus-host disease (GVHD). The projected launch of Jakafi XR (extended-release) in mid-2026 is expected to contribute to revenue by facilitating a conversion from the immediate-release version, targeting a 15-20% uptake rate before the loss of exclusivity for the original formulation.
- Significant Expansion and International Uptake of Opzelura (ruxolitinib cream): Opzelura is a crucial growth driver for Incyte, particularly in the treatment of vitiligo and atopic dermatitis (AD). The company expects substantial contributions from international launches, especially the anticipated rollout of Opzelura for moderate AD in Europe.
- Increasing Contributions from the Broader Hematology and Oncology Portfolio: Incyte's hematology and oncology portfolio, excluding Jakafi, is poised for continued growth. Products such as Niktimvo (axatilimab-csfr), Monjuvi (tafasitamab-cxix), Zynyz, and Pemazyre are demonstrating strong performance. Niktimvo, a recently launched product, has shown robust uptake, while Monjuvi and Zynyz have experienced growth driven by label expansions. Pemazyre has also received approvals for new indications, further bolstering this segment.
- Advancement and Potential New Approvals from the Late-Stage Pipeline, particularly Povorcitinib: Incyte's robust pipeline, with 14 pivotal clinical trials expected by the end of 2026, represents a significant source of future revenue. Povorcitinib, an oral JAK1 inhibitor, is a key late-stage asset with potential for substantial revenue contribution, especially with its NDA submission for hidradenitis suppurativa (HS) in Europe and positive Phase 2 results in chronic spontaneous urticaria (CSU).
AI Analysis | Feedback
Share Repurchases
- In May 2024, Incyte's Board of Directors authorized a $2.0 billion share repurchase program.
- In June 2024, Incyte completed a modified "Dutch Auction" tender offer and a separate agreement to repurchase approximately $2.0 billion of its common stock, representing about 14.8% of outstanding shares.
- Annual share buybacks by Incyte totaled $2.005 billion in 2024.
Share Issuance
- In October 2025, Incyte adopted the 2024 Inducement Stock Incentive Plan, reserving 2,000,000 shares of common stock for issuance.
- Incyte's shares outstanding increased by 0.88% in 2023 from 2022, but then declined by 6.82% in 2024 and 4.67% in 2025, reflecting a net reduction in shares outstanding.
Outbound Investments
- In February 2024, Incyte acquired exclusive global rights for tafasitamab, subsequently recognizing all revenue from its sales in the United States.
Capital Expenditures
- Incyte's capital expenditures were $77.83 million in 2022, $32.49 million in 2023, $86.26 million in 2024, and $58.87 million in 2025.
- Projected capital expenditures for 2026 are $86.42 million.
- Capital expenditures primarily support the company's significant research and development efforts and the continued investment in its late-stage development assets.
Latest Trefis Analyses
Trade Ideas
Select ideas related to INCY.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
| 12122025 | INCY | Incyte | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 6.1% | 6.1% | 0.0% |
| 02282022 | INCY | Incyte | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 3.2% | 12.7% | -3.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 114.00 |
| Mkt Cap | 135.1 |
| Rev LTM | 33,096 |
| Op Inc LTM | 10,390 |
| FCF LTM | 8,588 |
| FCF 3Y Avg | 8,259 |
| CFO LTM | 9,988 |
| CFO 3Y Avg | 9,795 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.7% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 3.6% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Mgn LTM | 27.0% |
| Op Mgn 3Y Avg | 22.2% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 28.4% |
| CFO/Rev 3Y Avg | 30.5% |
| FCF/Rev LTM | 26.1% |
| FCF/Rev 3Y Avg | 26.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 135.1 |
| P/S | 4.3 |
| P/EBIT | 14.7 |
| P/E | 18.3 |
| P/CFO | 14.1 |
| Total Yield | 7.3% |
| Dividend Yield | 2.5% |
| FCF Yield 3Y Avg | 5.5% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.9% |
| 3M Rtn | 7.1% |
| 6M Rtn | 22.7% |
| 12M Rtn | 12.5% |
| 3Y Rtn | 10.6% |
| 1M Excs Rtn | -1.6% |
| 3M Excs Rtn | 11.2% |
| 6M Excs Rtn | 24.4% |
| 12M Excs Rtn | -2.7% |
| 3Y Excs Rtn | -55.7% |
Price Behavior
| Market Price | $90.78 | |
| Market Cap ($ Bil) | 17.9 | |
| First Trading Date | 11/04/1993 | |
| Distance from 52W High | -17.9% | |
| 50 Days | 200 Days | |
| DMA Price | $100.52 | $89.67 |
| DMA Trend | up | down |
| Distance from DMA | -9.7% | 1.2% |
| 3M | 1YR | |
| Volatility | 33.7% | 33.9% |
| Downside Capture | 150.05 | 90.89 |
| Upside Capture | 117.25 | 119.37 |
| Correlation (SPY) | 42.6% | 36.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.95 | 1.13 | 1.12 | 0.70 | 0.61 | 0.55 |
| Up Beta | 2.45 | 2.58 | 2.40 | 1.04 | 0.37 | 0.41 |
| Down Beta | -2.18 | -0.46 | -0.49 | -0.15 | 0.47 | 0.50 |
| Up Capture | 163% | 165% | 146% | 123% | 108% | 33% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 12 | 23 | 31 | 68 | 137 | 386 |
| Down Capture | 127% | 136% | 158% | 87% | 91% | 87% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 9 | 18 | 30 | 55 | 112 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INCY | |
|---|---|---|---|---|
| INCY | 52.7% | 33.8% | 1.30 | - |
| Sector ETF (XLV) | 0.2% | 17.6% | -0.14 | 50.8% |
| Equity (SPY) | 15.8% | 18.9% | 0.64 | 36.8% |
| Gold (GLD) | 48.2% | 27.0% | 1.45 | -2.9% |
| Commodities (DBC) | 17.8% | 17.4% | 0.83 | 5.5% |
| Real Estate (VNQ) | 1.0% | 16.4% | -0.11 | 39.4% |
| Bitcoin (BTCUSD) | -19.0% | 44.2% | -0.35 | 18.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INCY | |
|---|---|---|---|---|
| INCY | 2.7% | 29.2% | 0.12 | - |
| Sector ETF (XLV) | 6.3% | 14.5% | 0.26 | 41.8% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 31.8% |
| Gold (GLD) | 20.7% | 17.5% | 0.97 | 1.5% |
| Commodities (DBC) | 10.9% | 19.0% | 0.46 | 1.9% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.06 | 30.0% |
| Bitcoin (BTCUSD) | 4.7% | 56.7% | 0.30 | 12.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INCY | |
|---|---|---|---|---|
| INCY | 2.6% | 34.7% | 0.17 | - |
| Sector ETF (XLV) | 9.6% | 16.5% | 0.47 | 47.2% |
| Equity (SPY) | 14.2% | 17.9% | 0.68 | 38.2% |
| Gold (GLD) | 13.3% | 15.7% | 0.70 | 0.3% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 9.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 26.2% |
| Bitcoin (BTCUSD) | 66.9% | 66.8% | 1.06 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/10/2026 | -8.2% | -7.2% | -13.2% |
| 10/28/2025 | -1.5% | 9.1% | 13.4% |
| 7/29/2025 | 10.3% | 11.2% | 19.7% |
| 4/29/2025 | 1.5% | 4.4% | 9.1% |
| 2/10/2025 | -7.9% | -5.0% | -8.2% |
| 10/29/2024 | 12.0% | 15.3% | 13.9% |
| 7/30/2024 | -1.2% | -9.6% | -4.3% |
| 4/30/2024 | -1.0% | 2.9% | 8.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 9 | 9 |
| # Negative | 17 | 15 | 15 |
| Median Positive | 3.4% | 4.4% | 8.3% |
| Median Negative | -4.4% | -5.1% | -8.2% |
| Max Positive | 12.0% | 15.3% | 19.7% |
| Max Negative | -8.5% | -12.7% | -18.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tray, Thomas | Principal Accounting Officer | Direct | Sell | 12222025 | 98.25 | 600 | 58,950 | 2,257,097 | Form |
| 2 | Tray, Thomas | Principal Accounting Officer | Direct | Sell | 12222025 | 100.00 | 2,774 | 277,400 | 2,297,300 | Form |
| 3 | Morrissey, Michael James | EVP, Head of Tech. Operations | Direct | Sell | 12182025 | 97.29 | 54,008 | 5,254,547 | 3,096,805 | Form |
| 4 | Morrissey, Michael James | EVP, Head of Tech. Operations | Direct | Sell | 12182025 | 97.26 | 4,323 | 420,455 | 2,675,331 | Form |
| 5 | Mayes, Patrick A | EVP & Chief Scientific Officer | Direct | Sell | 12122025 | 95.58 | 5,553 | 530,756 | 5,760,224 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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