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

Incyte (NASDAQ:INCY) had its target price boosted by investment analysts at JPMorgan Chase & Co. from $65.00 to $71.00 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 target price would suggest a potential downside of 2.74% from the company’s current price.

Several other research analysts have also commented on INCY. Citigroup lifted their price objective on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Guggenheim boosted their price target on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, September 16th. BMO Capital Markets reaffirmed an “underperform” rating and set a $52.00 price objective (up previously from $48.00) on shares of Incyte in a report on Wednesday. Wolfe Research started coverage on Incyte in a report on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 target price for the company. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $75.16.

Incyte Trading Down 0.8 %

NASDAQ:INCY traded down $0.60 on Wednesday, hitting $73.00. The stock had a trading volume of 693,447 shares, compared to its average volume of 2,328,476. The company has a fifty day moving average price of $65.39 and a two-hundred day moving average price of $61.51. The stock has a market cap of $14.06 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 5.31 and a beta of 0.73. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. Incyte has a 1-year low of $50.27 and a 1-year high of $74.60.

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

Insider Transactions at Incyte

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, 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 disclosure for this sale can be found here. Corporate insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of Incyte by 13.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,944 shares of the biopharmaceutical company’s stock worth $566,000 after acquiring an additional 1,146 shares in the last quarter. First Trust Direct Indexing L.P. grew its stake in Incyte by 10.3% in the first quarter. First Trust Direct Indexing L.P. now owns 30,271 shares of the biopharmaceutical company’s stock valued at $1,725,000 after purchasing an additional 2,817 shares in the last quarter. FORVIS Wealth Advisors LLC acquired a new position in Incyte in the 1st quarter worth about $1,495,000. Van ECK Associates Corp raised its stake in shares of Incyte by 0.3% during the 1st quarter. Van ECK Associates Corp now owns 156,972 shares of the biopharmaceutical company’s stock worth $8,942,000 after purchasing an additional 432 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Incyte during the 1st quarter valued at about $236,000. 96.97% of the stock is owned by institutional investors and hedge funds.

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.