Incyte (NASDAQ:INCY) Price Target Raised to $110.00

Incyte (NASDAQ:INCY) had its price objective boosted by JPMorgan Chase & Co. from $105.00 to $110.00 in a research note issued to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued reports about the stock. Sanford C. Bernstein began coverage on shares of Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 target price for the company. BMO Capital Markets boosted their price target on shares of Incyte from $94.00 to $112.00 and gave the stock a “market perform” rating in a research report on Monday, July 13th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Incyte in a research note on Monday, June 29th. Royal Bank Of Canada increased their price objective on shares of Incyte from $95.00 to $99.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Finally, Barclays raised their target price on shares of Incyte from $117.00 to $134.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $111.10.

Incyte Stock Up 0.8%

Shares of INCY opened at $117.67 on Thursday. The stock has a 50 day moving average price of $106.82 and a 200 day moving average price of $101.63. Incyte has a one year low of $69.69 and a one year high of $119.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The stock has a market capitalization of $23.51 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 1.06 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the firm posted $1.16 EPS. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. Equities research analysts forecast that Incyte will post 6.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in INCY. Norges Bank purchased a new position in Incyte during the fourth quarter worth about $122,893,000. Caisse de depot et placement du Quebec raised its stake in shares of Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock valued at $127,046,000 after acquiring an additional 1,087,091 shares during the period. Marshall Wace LLP raised its stake in shares of Incyte by 6,586.4% in the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after acquiring an additional 1,056,451 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Incyte by 3,406.8% in the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after acquiring an additional 718,294 shares during the last quarter. Finally, SEB Asset Management AB acquired a new position in shares of Incyte in the 1st quarter worth approximately $60,817,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.