JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Incyte (NASDAQ:INCY) had its target price lifted by investment analysts at JPMorgan Chase & Co. from $67.00 to $73.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 14.16% from the stock’s current price.

INCY has been the subject of a number of other reports. Royal Bank Of Canada raised their price objective on shares of Incyte from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. Truist Financial raised their price objective on shares of Incyte from $73.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, July 30th. Barclays assumed coverage on shares of Incyte in a research report on Friday, August 1st. They issued an “overweight” rating and a $90.00 price objective for the company. Finally, UBS Group restated a “neutral” rating and issued a $68.00 price objective (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Incyte currently has a consensus rating of “Hold” and an average price target of $81.60.

Incyte Stock Performance

NASDAQ:INCY opened at $85.04 on Friday. The business’s fifty day moving average is $73.56 and its 200 day moving average is $67.64. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. Incyte has a 52-week low of $53.56 and a 52-week high of $87.24. The firm has a market cap of $16.61 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 0.67 and a beta of 0.71.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 8,617 shares of Incyte stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total transaction of $587,248.55. Following the transaction, the executive vice president directly owned 37,701 shares of the company’s stock, valued at approximately $2,569,323.15. This trade represents a 18.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Steven H. Stein sold 14,952 shares of Incyte stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the transaction, the executive vice president directly owned 97,466 shares in the company, valued at $6,673,497.02. This trade represents a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in INCY. AQR Capital Management LLC increased its stake in shares of Incyte by 92.3% in the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company’s stock worth $405,787,000 after buying an additional 3,233,356 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Incyte by 701.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,730,648 shares of the biopharmaceutical company’s stock worth $185,957,000 after buying an additional 2,390,084 shares during the period. Norges Bank purchased a new position in shares of Incyte in the second quarter worth $96,776,000. Marshall Wace LLP purchased a new position in shares of Incyte in the second quarter worth $82,485,000. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Incyte by 71.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company’s stock worth $162,508,000 after buying an additional 995,204 shares during the period. 96.97% of the stock is 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.