Incyte (NASDAQ:INCY) Price Target Raised to $89.00

Incyte (NASDAQ:INCY) had its target price increased by JPMorgan Chase & Co. from $73.00 to $89.00 in a report issued on Thursday,Benzinga reports. The firm currently has a neutral rating on the biopharmaceutical company’s stock.

Several other research firms have also recently commented on INCY. UBS Group restated a “neutral” rating and issued a $68.00 target price (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 3rd. BMO Capital Markets restated an “underperform” rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Wells Fargo & Company upgraded shares of Incyte from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Finally, Guggenheim restated a “neutral” rating on shares of Incyte in a research note on Friday, September 19th. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus target price of $84.79.

Incyte Stock Down 1.1%

Shares of NASDAQ:INCY opened at $83.80 on Thursday. Incyte has a 1-year low of $53.56 and a 1-year high of $88.66. The stock has a market cap of $16.36 billion, a P/E ratio of 19.05, a P/E/G ratio of 0.65 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The firm has a fifty day moving average price of $84.32 and a 200 day moving average price of $71.64.

Insider Activity at Incyte

In related news, EVP Steven H. Stein sold 3,706 shares of the firm’s stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the completion of the sale, the executive vice president owned 102,886 shares in the company, valued at $6,990,074.84. This trade represents a 3.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Barry P. Flannelly sold 1,192 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the sale, the executive vice president owned 37,630 shares of the company’s stock, valued at $2,628,831.80. This trade represents a 3.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,257 shares of company stock worth $2,487,927 over the last 90 days. Company insiders own 17.80% of the company’s stock.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Incyte by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company’s stock valued at $1,371,220,000 after acquiring an additional 137,570 shares in the last quarter. AQR Capital Management LLC increased its holdings in Incyte by 21.8% during the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock valued at $558,519,000 after acquiring an additional 1,465,286 shares in the last quarter. Geode Capital Management LLC increased its holdings in Incyte by 3.3% during the 2nd quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company’s stock valued at $294,899,000 after acquiring an additional 139,740 shares in the last quarter. LSV Asset Management increased its holdings in Incyte by 6.2% during the 2nd quarter. LSV Asset Management now owns 3,861,831 shares of the biopharmaceutical company’s stock valued at $262,991,000 after acquiring an additional 223,857 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Incyte by 7.3% during the 2nd quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company’s stock valued at $231,609,000 after acquiring an additional 232,268 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.