Incyte (NASDAQ:INCY) Price Target Raised to $71.00

Incyte (NASDAQ:INCY) had its price objective raised by JPMorgan Chase & Co. from $65.00 to $71.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 2.74% from the company’s previous close.

Several other brokerages also recently commented on INCY. Royal Bank of Canada restated a “sector perform” rating and issued a $67.00 target price on shares of Incyte in a research note on Tuesday, September 3rd. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $68.00 to $90.00 in a report on Tuesday. BMO Capital Markets reiterated an “underperform” rating and issued a $52.00 target price (up previously from $48.00) on shares of Incyte in a research report on Wednesday. Truist Financial restated a “hold” rating and set a $74.00 price target (down from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte presently has an average rating of “Hold” and an average target price of $75.16.

Incyte Stock Performance

Shares of INCY stock traded down $0.60 during trading on Wednesday, hitting $73.00. The company’s stock had a trading volume of 693,447 shares, compared to its average volume of 2,328,476. The business has a fifty day moving average of $65.39 and a 200-day moving average of $61.51. 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 52 week low of $50.27 and a 52 week high of $74.60. The company has a market cap of $14.06 billion, a PE ratio of 22.12, a P/E/G ratio of 5.31 and a beta of 0.73.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the prior year, the business earned $0.77 earnings per share. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, research analysts anticipate that Incyte will post 0.66 earnings per share for the current year.

Insider Activity

In other Incyte news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were 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 of the company’s stock, valued at $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas Tray sold 572 shares of the company’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 transaction, the insider now directly owns 24,825 shares in the company, valued at $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.

Institutional Trading of Incyte

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