JPMorgan Chase & Co. Lowers Incyte (NASDAQ:INCY) Price Target to $67.00

Incyte (NASDAQ:INCY) had its price objective decreased by stock analysts at JPMorgan Chase & Co. from $68.00 to $67.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 1.83% from the stock’s current price.

A number of other research firms have also weighed in on INCY. William Blair lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 18th. Wells Fargo & Company increased their price objective on Incyte from $58.00 to $59.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 30th. Morgan Stanley lowered their target price on Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, March 24th. UBS Group restated a “neutral” rating and set a $61.00 target price on shares of Incyte in a research note on Tuesday, June 3rd. Finally, Stifel Nicolaus raised Incyte from a “hold” rating to a “buy” rating and upped their target price for the company from $75.00 to $107.00 in a report on Monday, June 16th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $74.47.

Incyte Stock Down 2.5%

Shares of NASDAQ INCY opened at $68.25 on Monday. The stock has a market cap of $13.21 billion, a P/E ratio of 213.29, a P/E/G ratio of 0.59 and a beta of 0.68. Incyte has a 52-week low of $53.56 and a 52-week high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.04. The firm has a 50 day moving average price of $66.56 and a 200 day moving average price of $66.63.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $996.17 million. Incyte had a net margin of 0.48% and a return on equity of 2.77%. The firm’s revenue was up 19.5% compared to the same quarter last year. During the same period last year, the company earned $0.64 EPS. Analysts expect that Incyte will post 4.86 EPS for the current year.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 10,903 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $743,039.45. Following the completion of the transaction, the executive vice president directly owned 39,744 shares in the company, valued at approximately $2,708,553.60. This represents a 21.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 8,617 shares of the firm’s stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $587,248.55. Following the completion of the sale, the executive vice president owned 37,701 shares in the company, valued at approximately $2,569,323.15. This represents a 18.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,119 shares of company stock valued at $1,371,385. 17.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Incyte

Institutional investors and hedge funds have recently modified their holdings of the business. Proficio Capital Partners LLC bought a new position in Incyte in the fourth quarter valued at $3,549,000. Raymond James Financial Inc. bought a new stake in Incyte during the 4th quarter worth approximately $3,623,000. Sequoia Financial Advisors LLC boosted its stake in shares of Incyte by 8.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,922 shares of the biopharmaceutical company’s stock valued at $340,000 after purchasing an additional 395 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Incyte by 161.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,275 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 787 shares during the period. Finally, Avantax Advisory Services Inc. increased its holdings in shares of Incyte by 5.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 7,880 shares of the biopharmaceutical company’s stock valued at $544,000 after acquiring an additional 380 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.