Incyte (NASDAQ:INCY) Given New $68.00 Price Target at JPMorgan Chase & Co.

Incyte (NASDAQ:INCY) had its target price reduced by equities research analysts at JPMorgan Chase & Co. from $70.00 to $68.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 20.18% from the stock’s current price.

Several other research firms also recently commented on INCY. Morgan Stanley dropped their price target on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, March 24th. Truist Financial decreased their price objective on Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Stifel Nicolaus raised their target price on shares of Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a report on Monday, February 10th. JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, February 11th. Finally, Royal Bank of Canada reduced their price objective on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $74.69.

Incyte Trading Down 2.8 %

Incyte stock traded down $1.63 during midday trading on Monday, reaching $56.58. 766,011 shares of the stock traded hands, compared to its average volume of 2,370,975. The firm has a market cap of $10.95 billion, a PE ratio of 209.56, a price-to-earnings-growth ratio of 0.41 and a beta of 0.89. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. The company has a 50-day simple moving average of $64.84 and a two-hundred day simple moving average of $69.33. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. Research analysts expect that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Activity

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the transaction, the executive vice president now directly owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. This trade represents a 37.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at $1,809,101.52. The trade was a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,827 shares of company stock valued at $3,322,618 in the last ninety days. 17.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of INCY. CWA Asset Management Group LLC acquired a new stake in shares of Incyte during the fourth quarter worth $1,933,000. Tri Ri Asset Management Corp purchased a new position in Incyte during the 3rd quarter worth $3,292,000. Wells Fargo & Company MN lifted its stake in shares of Incyte by 61.3% in the 4th quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company’s stock worth $12,031,000 after acquiring an additional 66,220 shares during the period. Pallas Capital Advisors LLC purchased a new stake in shares of Incyte in the fourth quarter valued at about $1,006,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Incyte by 13.5% during the fourth quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company’s stock worth $22,354,000 after acquiring an additional 38,550 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.