Incyte (NASDAQ:INCY) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Incyte (NASDAQ:INCY) had its price objective upped by stock analysts at JPMorgan Chase & Co. from $65.00 to $71.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 4.21% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Oppenheimer lifted their price target on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday. William Blair restated an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Guggenheim increased their price target on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Finally, Citigroup boosted their price target on Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $76.74.

Incyte Stock Up 0.3 %

INCY stock opened at $74.12 on Wednesday. The company has a 50 day moving average price of $65.80 and a two-hundred day moving average price of $61.68. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The stock has a market capitalization of $14.28 billion, a P/E ratio of 22.46, a PEG ratio of 5.31 and a beta of 0.73. Incyte has a one year low of $50.27 and a one year high of $74.68.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data 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 return on equity of 0.75% and a net margin of 2.52%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business earned $0.77 EPS. Incyte’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, sell-side analysts expect that Incyte will post 0.66 EPS for the current year.

Insider Activity

In related news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’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 transaction of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Thomas Tray sold 572 shares of the company’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 sale, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds have recently added to or reduced their stakes in INCY. MFA Wealth Advisors LLC bought a new position in shares of Incyte in the 2nd quarter worth about $26,000. Fidelis Capital Partners LLC bought a new position in Incyte in the first quarter worth about $32,000. Innealta Capital LLC acquired a new position in Incyte in the second quarter valued at approximately $32,000. Itau Unibanco Holding S.A. bought a new position in shares of Incyte during the second quarter valued at approximately $36,000. Finally, Deseret Mutual Benefit Administrators raised its position in shares of Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 164 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.