JPMorgan Chase & Co. Increases Incyte (NASDAQ:INCY) Price Target to $65.00

Incyte (NASDAQ:INCY) had its target price upped by JPMorgan Chase & Co. from $61.00 to $65.00 in a report issued on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the biopharmaceutical company’s stock.

A number of other research firms also recently issued reports on INCY. Wells Fargo & Company lowered their target price on Incyte from $63.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. BMO Capital Markets reaffirmed an “underperform” rating and issued a $48.00 target price (down previously from $52.00) on shares of Incyte in a research report on Tuesday, July 2nd. Bank of America lifted their target price on Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $67.00 target price on shares of Incyte in a research report on Tuesday, September 3rd. Finally, Truist Financial reaffirmed a “hold” rating and issued a $74.00 target price (down previously from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Incyte presently has an average rating of “Hold” and a consensus price target of $73.42.

Incyte Stock Performance

INCY opened at $65.17 on Wednesday. The business’s 50-day moving average price is $65.02 and its two-hundred day moving average price is $61.11. Incyte has a 1 year low of $50.27 and a 1 year high of $70.36. The company has a market capitalization of $14.63 billion, a price-to-earnings ratio of 19.75, a P/E/G ratio of 5.30 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84.

Incyte (NASDAQ:INCY) last released its quarterly 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). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the business earned $0.77 EPS. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. Equities analysts expect that Incyte will post 0.66 EPS for the current fiscal year.

Insider Transactions at Incyte

In other news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Thomas Tray sold 572 shares of the business’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 value of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their ownership of the stock. 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

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Incyte by 0.9% in the first quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock valued at $1,294,120,000 after buying an additional 196,440 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after buying an additional 779,243 shares during the period. LSV Asset Management boosted its stake in shares of Incyte by 0.5% in the second quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock valued at $167,911,000 after buying an additional 15,115 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Incyte by 17,460.4% in the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after buying an additional 2,676,851 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Incyte by 70.5% in the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after buying an additional 1,101,041 shares during the period. 96.97% of the stock is currently owned by institutional investors.

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.