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

Incyte (NASDAQ:INCY) had its price target raised by investment analysts at JPMorgan Chase & Co. from $61.00 to $65.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 0.05% from the company’s previous close.

INCY has been the subject of several other research reports. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. BMO Capital Markets reiterated an “underperform” rating and issued a $48.00 target price (down previously from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. Royal Bank of Canada restated a “sector perform” rating and set a $67.00 price target on shares of Incyte in a research note on Tuesday, September 3rd. Deutsche Bank Aktiengesellschaft lifted their price objective on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Finally, JMP Securities reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $73.42.

Incyte Trading Down 0.9 %

INCY traded down $0.62 during trading hours on Wednesday, reaching $64.97. The company’s stock had a trading volume of 484,411 shares, compared to its average volume of 2,334,560. The stock has a market cap of $14.59 billion, a PE ratio of 19.65, a P/E/G ratio of 5.30 and a beta of 0.73. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $70.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The business’s 50-day moving average is $64.94 and its 200-day moving average is $61.08.

Incyte (NASDAQ:INCY) last posted 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 business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. Incyte’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.77 EPS. As a group, equities research analysts predict that Incyte will post 0.66 earnings per share for the current fiscal year.

Insider Activity

In related 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated 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 approximately $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated 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 directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,593 shares of company stock worth $1,652,914. 17.50% of the stock is currently owned by insiders.

Institutional Trading of Incyte

A number of large investors have recently bought and sold shares of INCY. Assenagon Asset Management S.A. grew its stake in shares of Incyte by 10.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 6,674 shares of the biopharmaceutical company’s stock valued at $441,000 after purchasing an additional 609 shares during the last quarter. Foundations Investment Advisors LLC acquired a new stake in shares of Incyte in the 3rd quarter worth $220,000. V Square Quantitative Management LLC increased its stake in shares of Incyte by 4.1% during the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $262,000 after acquiring an additional 155 shares during the period. Creative Planning raised its holdings in Incyte by 6.2% during the third quarter. Creative Planning now owns 22,366 shares of the biopharmaceutical company’s stock worth $1,478,000 after purchasing an additional 1,307 shares in the last quarter. Finally, Shikiar Asset Management Inc. lifted its position in Incyte by 3.2% in the third quarter. Shikiar Asset Management Inc. now owns 167,185 shares of the biopharmaceutical company’s stock valued at $11,051,000 after purchasing an additional 5,160 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

About Incyte

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.