Incyte (NASDAQ:INCY) Price Target Cut to $68.00 by Analysts at JPMorgan Chase & Co.

Incyte (NASDAQ:INCY) had its target price trimmed by JPMorgan Chase & Co. from $70.00 to $68.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the biopharmaceutical company’s stock.

Several other equities research analysts have also issued reports on the stock. Citigroup lowered their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Royal Bank of Canada dropped their target price on Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 11th. Stifel Nicolaus raised their price target on Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research note on Monday, February 10th. StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Finally, Truist Financial cut their price objective on Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Incyte has an average rating of “Hold” and a consensus target price of $74.69.

Incyte Stock Performance

Shares of Incyte stock opened at $56.80 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The firm has a market cap of $10.99 billion, a price-to-earnings ratio of 210.38, a price-to-earnings-growth ratio of 0.41 and a beta of 0.89. Incyte has a one year low of $50.35 and a one year high of $83.95. The stock’s 50-day moving average is $64.60 and its 200-day moving average is $69.25.

Incyte (NASDAQ:INCY) last released its earnings results 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%. Equities analysts predict that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In related news, 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 value of $41,924.01. Following the transaction, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,809,101.52. This represents a 2.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the sale, the executive vice president now owns 33,567 shares of the company’s stock, valued at $2,272,150.23. This trade represents a 37.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,475 shares of company stock worth $2,424,751 over the last quarter. Company insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Hedge funds have recently added to or reduced their stakes in the stock. Retirement Systems of Alabama grew its holdings in shares of Incyte by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company’s stock worth $2,391,000 after purchasing an additional 139 shares in the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in Incyte by 0.7% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company’s stock worth $1,410,000 after purchasing an additional 150 shares during the period. Trust Point Inc. grew its stake in Incyte by 5.0% during the fourth quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company’s stock worth $227,000 after buying an additional 156 shares in the last quarter. Bank of Nova Scotia increased its holdings in Incyte by 0.8% in the 4th quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company’s stock valued at $1,498,000 after buying an additional 171 shares during the period. Finally, Mather Group LLC. increased its holdings in Incyte by 26.4% in the 4th quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company’s stock valued at $57,000 after buying an additional 173 shares during the period. Institutional investors 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.