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

Incyte (NASDAQ:INCY) had its price objective boosted by JPMorgan Chase & Co. from $59.00 to $61.00 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 analysts have also recently issued reports on INCY. Deutsche Bank Aktiengesellschaft began coverage on Incyte in a research note on Thursday, May 23rd. They set a hold rating and a $55.00 price objective on the stock. Cantor Fitzgerald reaffirmed a neutral rating on shares of Incyte in a research note on Tuesday, June 18th. BMO Capital Markets reaffirmed an underperform rating and set a $48.00 price objective (down from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Bank of America raised their price objective on Incyte from $62.00 to $66.00 and gave the company a neutral rating in a research note on Wednesday. Finally, Oppenheimer reduced their price objective on Incyte from $84.00 to $81.00 and set an outperform rating on the stock in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $73.24.

Incyte Trading Up 0.1 %

NASDAQ INCY opened at $64.47 on Wednesday. The stock’s 50-day simple moving average is $61.88 and its two-hundred day simple moving average is $58.79. Incyte has a twelve month low of $50.27 and a twelve month high of $70.36. The company has a quick ratio of 3.43, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $12.42 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 1.14 and a beta of 0.73.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the business earned $0.77 EPS. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. Research analysts forecast that Incyte will post 3.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the sale, the insider now directly owns 21,634 shares in the company, valued at $1,274,458.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Incyte news, EVP Barry P. Flannelly sold 8,148 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total value of $488,880.00. Following the completion of the sale, the executive vice president now directly owns 50,534 shares in the company, valued at $3,032,040. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was 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 of the company’s stock, valued at $1,274,458.94. The disclosure for this sale can be found here. Insiders sold 45,282 shares of company stock worth $2,876,911 over the last three months. Company insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several large investors have recently made changes to their positions in INCY. Raymond James & Associates purchased a new position in shares of Incyte during the fourth quarter valued at approximately $2,291,000. Fifth Third Bancorp lifted its holdings in shares of Incyte by 25.0% during the fourth quarter. Fifth Third Bancorp now owns 7,284 shares of the biopharmaceutical company’s stock valued at $457,000 after purchasing an additional 1,456 shares during the last quarter. Trust Point Inc. purchased a new position in shares of Incyte during the fourth quarter valued at approximately $712,000. Ballentine Partners LLC purchased a new position in shares of Incyte during the fourth quarter valued at approximately $280,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Incyte by 351.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 25,918 shares of the biopharmaceutical company’s stock valued at $1,627,000 after purchasing an additional 20,174 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other 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.