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

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

INCY has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. 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 note on Wednesday, September 18th. Royal Bank of Canada reissued a “sector perform” rating and set a $67.00 price target on shares of Incyte in a research report on Tuesday, September 3rd. JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Finally, Wells Fargo & Company dropped their price objective on Incyte from $63.00 to $62.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $73.42.

Incyte Price Performance

Shares of NASDAQ:INCY traded down $0.62 on Wednesday, reaching $64.97. 484,411 shares of the company were exchanged, compared to its average volume of 2,334,560. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36. The company has a 50-day moving average of $64.94 and a 200-day moving average of $61.08. The firm has a market cap of $14.59 billion, a price-to-earnings ratio of 19.65, a price-to-earnings-growth ratio of 5.30 and a beta of 0.73.

Incyte (NASDAQ:INCY) last issued 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). The firm 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%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 earnings per share. Equities analysts forecast that Incyte will post 0.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction on Thursday, September 12th. The shares were 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 in the company, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction 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 directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,593 shares of company stock valued at $1,652,914. 17.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Several large investors have recently modified their holdings of INCY. Pacer Advisors Inc. boosted its stake in Incyte by 17,460.4% during the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after acquiring an additional 2,676,851 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Incyte by 70.5% during the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock worth $159,905,000 after purchasing an additional 1,101,041 shares during the last quarter. Acadian Asset Management LLC grew its stake in Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after purchasing an additional 779,243 shares in the last quarter. Swedbank AB acquired a new position in Incyte in the first quarter worth about $37,440,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in Incyte by 122.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock valued at $54,116,000 after buying an additional 490,680 shares during the last quarter. 96.97% of the stock is currently 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.