JPMorgan Chase & Co. Raises Incyte (NASDAQ:INCY) Price Target to $71.00

Incyte (NASDAQ:INCY) had its price objective raised by JPMorgan Chase & Co. from $65.00 to $71.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 4.21% from the stock’s previous close.

Several other research firms have also recently issued reports on INCY. Guggenheim increased their price objective on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Monday, September 16th. William Blair restated an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Bank of America raised Incyte from a “neutral” rating to a “buy” rating and upped their price target for the company from $68.00 to $90.00 in a report on Tuesday. Finally, JMP Securities reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $76.74.

Incyte Trading Up 0.3 %

Shares of INCY stock opened at $74.12 on Wednesday. The firm has a market capitalization of $14.28 billion, a PE ratio of 22.46, a price-to-earnings-growth ratio of 5.31 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. Incyte has a 1 year low of $50.27 and a 1 year high of $74.68. The stock has a fifty day moving average of $65.80 and a two-hundred day moving average of $61.68.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company earned $0.77 EPS. The business’s quarterly revenue was up 9.3% on a year-over-year basis. As a group, research analysts expect that Incyte will post 0.66 EPS for the current year.

Insider Buying and Selling

In other Incyte news, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Incyte news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. MFA Wealth Advisors LLC acquired a new position in Incyte during the second quarter worth $26,000. Fidelis Capital Partners LLC bought a new stake in shares of Incyte during the 1st quarter worth about $32,000. Innealta Capital LLC acquired a new position in shares of Incyte during the 2nd quarter valued at about $32,000. Itau Unibanco Holding S.A. bought a new position in shares of Incyte in the 2nd quarter valued at approximately $36,000. Finally, Deseret Mutual Benefit Administrators lifted its holdings in Incyte by 37.1% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 164 shares during 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.