JPMorgan Chase & Co. Boosts Incyte (NASDAQ:INCY) Price Target to $61.00

Incyte (NASDAQ:INCY) had its price target increased by stock analysts at JPMorgan Chase & Co. from $59.00 to $61.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 7.28% from the stock’s previous close.

A number of other research firms also recently issued reports on INCY. Bank of America increased their price objective on shares of Incyte from $62.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of Incyte in a research report on Thursday, May 23rd. They set a “hold” rating and a $55.00 target price for the company. Truist Financial reissued a “buy” rating and set a $83.00 target price (down previously from $84.00) on shares of Incyte in a research report on Wednesday, May 1st. Finally, Oppenheimer decreased their target price on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $72.53.

Incyte Trading Down 3.0 %

NASDAQ:INCY traded down $2.00 during mid-day trading on Wednesday, hitting $65.79. 780,634 shares of the stock traded hands, compared to its average volume of 2,552,312. The stock has a market capitalization of $14.77 billion, a price-to-earnings ratio of 19.91, a PEG ratio of 1.58 and a beta of 0.73. Incyte has a 52 week low of $50.27 and a 52 week high of $70.36. The firm’s 50 day moving average is $61.46 and its two-hundred day moving average is $58.71. The company has a quick ratio of 3.43, a current ratio of 3.47 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a return on equity of 12.83% and a net margin of 19.78%. Incyte’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.77 earnings per share. On average, equities research analysts predict that Incyte will post 3.33 earnings per share for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares in the company, valued at approximately $2,569,070. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Thomas Tray sold 1,093 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the completion of the sale, the insider now owns 21,634 shares in the company, valued at approximately $1,274,458.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The disclosure for this sale can be found here. Insiders sold 45,282 shares of company stock worth $2,876,911 in the last 90 days. Corporate insiders own 17.50% of the company’s stock.

Institutional Trading of Incyte

Several institutional investors and hedge funds have recently bought and sold shares of INCY. Moody National Bank Trust Division raised its position in Incyte by 1.3% during the 2nd quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock worth $861,000 after buying an additional 179 shares during the last quarter. Fisher Asset Management LLC raised its position in Incyte by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 44,169 shares of the biopharmaceutical company’s stock worth $2,773,000 after buying an additional 187 shares during the last quarter. 180 Wealth Advisors LLC raised its position in Incyte by 4.5% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,764 shares of the biopharmaceutical company’s stock worth $271,000 after buying an additional 204 shares during the last quarter. Berger Financial Group Inc raised its position in Incyte by 0.4% during the 4th quarter. Berger Financial Group Inc now owns 60,468 shares of the biopharmaceutical company’s stock worth $3,797,000 after buying an additional 212 shares during the last quarter. Finally, Allworth Financial LP raised its position in Incyte by 40.0% during the 4th quarter. Allworth Financial LP now owns 802 shares of the biopharmaceutical company’s stock worth $50,000 after buying an additional 229 shares during the last quarter. Hedge funds and other 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.