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

Key Points

• JPMorgan Chase & Co. has raised its price target for Incyte (NASDAQ:INCY) from $73.00 to $89.00, indicating a potential upside of 5.55% from the stock's previous close.
• Overall, Incyte has received a consensus rating of "Hold" with an average target price of $84.79, supported by five "Buy" ratings and twelve "Hold" ratings from analysts.
• Insider trading activity revealed significant sales, with executives selling over 36,000 shares in the last three months, representing approximately 17.80% of the company's stock being owned by insiders.

Incyte (NASDAQ:INCY - Get Free Report) had its price target raised by research analysts at JPMorgan Chase & Co. from $73.00 to $89.00 in a report released on Thursday,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 upside of 5.55% from the stock's previous close.

INCY has been the subject of several other reports. Stifel Nicolaus upped their price objective on Incyte from $110.00 to $115.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Oppenheimer lowered shares of Incyte from an "outperform" rating to a "market perform" rating in a research note on Wednesday. Guggenheim restated a "neutral" rating on shares of Incyte in a research report on Friday, September 19th. Royal Bank Of Canada increased their price target on shares of Incyte from $72.00 to $81.00 and gave the stock a "sector perform" rating in a report on Wednesday, September 24th. Finally, Truist Financial raised their price target on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Five research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Incyte has a consensus rating of "Hold" and an average target price of $84.79.

Incyte Price Performance

Shares of INCY stock traded down $1.06 during mid-day trading on Thursday, reaching $84.32. The company's stock had a trading volume of 62,046 shares, compared to its average volume of 1,840,868. The company has a market cap of $16.47 billion, a P/E ratio of 19.17, a PEG ratio of 0.68 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. The firm's 50-day moving average is $83.96 and its two-hundred day moving average is $71.27. Incyte has a 1-year low of $53.56 and a 1-year high of $88.66.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction on Tuesday, July 15th. The stock was 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 directly owned 37,630 shares in the company, valued at $2,628,831.80. This represents a 3.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Steven H. Stein sold 3,706 shares of the 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 transaction, the executive vice president directly owned 102,886 shares in the company, valued at $6,990,074.84. This represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,257 shares of company stock worth $2,487,927 in the last three months. 17.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Incyte

Several large investors have recently bought and sold shares of the stock. Czech National Bank boosted its position in shares of Incyte by 6.1% during the 3rd quarter. Czech National Bank now owns 41,660 shares of the biopharmaceutical company's stock worth $3,533,000 after acquiring an additional 2,389 shares in the last quarter. Sanders Morris Harris LLC purchased a new position in shares of Incyte during the 3rd quarter worth approximately $424,000. GAMMA Investing LLC increased its stake in Incyte by 27.5% in the 3rd quarter. GAMMA Investing LLC now owns 6,285 shares of the biopharmaceutical company's stock valued at $533,000 after purchasing an additional 1,355 shares in the last quarter. Osaic Holdings Inc. grew its holdings in Incyte by 17.1% during the 2nd quarter. Osaic Holdings Inc. now owns 8,895 shares of the biopharmaceutical company's stock valued at $605,000 after buying an additional 1,299 shares during the last quarter. Finally, Orion Porfolio Solutions LLC grew its holdings in Incyte by 25.0% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 12,096 shares of the biopharmaceutical company's stock valued at $824,000 after buying an additional 2,418 shares during the last quarter. Hedge funds and other institutional investors 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.

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