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

Incyte (NASDAQ:INCY) had its target price dropped by equities research analysts at JPMorgan Chase & Co. from $70.00 to $68.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 20.18% from the stock’s previous close.

INCY has been the topic of several other research reports. JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, February 11th. Morgan Stanley reduced their target price on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, March 24th. Truist Financial cut their price target on Incyte from $74.00 to $72.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Citigroup decreased their price objective on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. Finally, William Blair lowered Incyte from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Incyte has a consensus rating of “Hold” and an average price target of $74.69.

Incyte Stock Down 2.8 %

NASDAQ:INCY traded down $1.63 during midday trading on Monday, reaching $56.58. 766,011 shares of the stock traded hands, compared to its average volume of 2,370,975. The business has a 50-day moving average of $64.84 and a two-hundred day moving average of $69.33. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95. The stock has a market capitalization of $10.95 billion, a PE ratio of 209.56, a price-to-earnings-growth ratio of 0.41 and a beta of 0.89.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. On average, equities analysts forecast that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, EVP Sheila A. Denton sold 14,069 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total value of $1,042,090.83. Following the completion of the sale, the executive vice president now owns 25,848 shares of the company’s stock, valued at $1,914,561.36. This represents a 35.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the sale, the executive vice president now directly owns 66,967 shares in the company, valued at approximately $4,867,831.23. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,827 shares of company stock worth $3,322,618 in the last three months. 17.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Incyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 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 during the period. Nissay Asset Management Corp Japan ADV lifted its position in Incyte by 0.7% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company’s stock valued at $1,410,000 after buying an additional 150 shares during the last quarter. Trust Point Inc. boosted 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 during the period. Bank of Nova Scotia increased its position in shares of Incyte by 0.8% during the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company’s stock valued at $1,498,000 after acquiring an additional 171 shares during the last quarter. Finally, Mather Group LLC. raised its stake in shares of 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 acquiring an additional 173 shares during the period. 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.