Incyte (NASDAQ:INCY) Stock Gets Price Target Bump from JPMorgan Chase & Co.

Key Points

• JPMorgan raised Incyte’s price target from $120 to $123 while maintaining a Neutral rating, implying roughly 0.67% downside from the stock’s reported $123.83 price.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and average price target of $124.80; other firms have issued targets as high as $150.
• Incyte reported quarterly EPS of $3.09 versus the $2.15 consensus and revenue of $1.67 billion, up 37.7% year over year. The company also has potential growth from the FDA approval of Atebrioz for the rare FOP disorder and its KRAS pipeline.

Incyte (NASDAQ:INCY - Get Free Report) had its price target boosted by JPMorgan Chase & Co. from $120.00 to $123.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s price target would indicate a potential downside of 0.67% from the company's current price.

Several other research analysts also recently weighed in on INCY. TD Cowen upgraded Incyte to a "strong-buy" rating in a research note on Monday, August 24th. Guggenheim boosted their target price on Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. UBS Group reaffirmed a "buy" rating on shares of Incyte in a report on Monday. Stifel Nicolaus set a $145.00 target price on Incyte in a research report on Tuesday, July 28th. Finally, Mizuho raised their price objective on Incyte from $121.00 to $137.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $124.80.

Incyte Stock Performance

Shares of Incyte stock traded down $0.06 during mid-day trading on Monday, hitting $123.83. 495,021 shares of the stock were exchanged, compared to its average volume of 1,711,154. The company has a 50-day simple moving average of $123.43 and a 200 day simple moving average of $108.51. The company has a market capitalization of $25.10 billion, a P/E ratio of 15.78, a P/E/G ratio of 3.60 and a beta of 0.77. Incyte has a 12 month low of $82.52 and a 12 month high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the company earned $1.57 EPS. The business's revenue for the quarter was up 37.7% on a year-over-year basis. Analysts predict that Incyte will post 2.64 EPS for the current year.

Insider Activity

In related news, insider Pablo Cagnoni sold 10,801 shares of Incyte stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of Incyte stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Fiduciary Financial Advisors bought a new stake in shares of Incyte in the 2nd quarter worth about $26,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Incyte in the 4th quarter valued at about $35,000. Continuum Advisory LLC bought a new position in shares of Incyte in the 2nd quarter worth $36,000. Hantz Financial Services Inc. lifted its position in Incyte by 54.4% during the fourth quarter. Hantz Financial Services Inc. now owns 522 shares of the biopharmaceutical company's stock valued at $52,000 after acquiring an additional 184 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Incyte in the second quarter worth about $52,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Key Stories Impacting Incyte

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: FDA approves Atebrioz for ultra-rare FOP: The U.S. Food and Drug Administration approved Atebrioz, developed by Incyte and Mirum Pharmaceuticals, for fibrodysplasia ossificans progressiva (FOP), a rare genetic disorder that causes abnormal bone formation. The approval was supported by PROGRESS study data showing a reduction in the volume of new heterotopic ossification lesions, providing Incyte with exposure to a potentially valuable specialty-drug market. Incyte, Mirum's Treatment of Rare Genetic Ossification Condition Approved by US FDA
• Positive Sentiment: Analyst raises price target and maintains Buy: H.C. Wainwright increased its Incyte price target to $152 from $150 while reiterating a Buy rating. The firm cited the Atebrioz approval and additional upside from Incyte’s KRAS pipeline, suggesting meaningful potential appreciation from recent trading levels. Incyte: Atebrioz Approval and KRAS Pipeline Upside Drive Buy Rating; Price Target Raised to $152
• Positive Sentiment: New product launch broadens growth prospects: Coverage of the approval describes the Atebrioz program as potentially transformational for Mirum and strategically meaningful for Incyte. Commercial execution, adoption in the FOP population and the companies’ revenue-sharing arrangements will determine the ultimate financial impact. Mirum and Incyte’s Atebrioz approved for FOP in US
• Neutral Sentiment: Other items in the news flow, including MiniMed’s executive appointment and a comparative analysis of Vir Biotechnology and Incyte, do not provide a material new catalyst for Incyte’s shares.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte's commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.