Incyte (NASDAQ:INCY) Price Target Raised to $71.00 at JPMorgan Chase & Co.

Incyte (NASDAQ:INCY) had its target price raised by JPMorgan Chase & Co. from $65.00 to $71.00 in a research report report published on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the biopharmaceutical company’s stock.

Several other brokerages have also commented on INCY. William Blair restated an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Truist Financial restated a “hold” rating and issued a $74.00 price target (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Citigroup raised their price target on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and raised their price target for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. Finally, BMO Capital Markets restated an “underperform” rating and issued a $52.00 price target (up previously from $48.00) on shares of Incyte in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $76.74.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $76.13 on Wednesday. The company has a quick ratio of 1.84, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The firm’s 50-day moving average price is $66.04 and its two-hundred day moving average price is $61.90. Incyte has a 52-week low of $50.35 and a 52-week high of $76.33. The stock has a market capitalization of $14.67 billion, a P/E ratio of 543.82, a P/E/G ratio of 6.49 and a beta of 0.71.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the business earned $0.91 EPS. The business’s revenue was up 23.8% on a year-over-year basis. As a group, sell-side analysts forecast that Incyte will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Thomas Tray sold 572 shares of the firm’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 completion of the transaction, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’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 completion of the transaction, 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 position. The disclosure for this sale can be found here. 17.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC boosted its stake in Incyte by 4.1% in the 3rd quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $262,000 after purchasing an additional 155 shares during the period. Deseret Mutual Benefit Administrators boosted its stake 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 valued at $37,000 after buying an additional 164 shares during the period. Moody National Bank Trust Division boosted its stake in shares of Incyte by 1.3% during the 2nd quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock valued at $861,000 after buying an additional 179 shares during the period. Ballentine Partners LLC boosted its stake in shares of Incyte by 4.0% during the 2nd quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock valued at $287,000 after buying an additional 182 shares during the period. Finally, Tectonic Advisors LLC boosted its stake in shares of Incyte by 1.6% during the 3rd quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company’s stock valued at $819,000 after buying an additional 190 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.