JPMorgan Chase & Co. Issues Positive Forecast for Incyte (NASDAQ:INCY) Stock Price

Key Points

• JPMorgan Chase & Co. raised its target price for Incyte (NASDAQ:INCY) from $67.00 to $73.00, indicating a potential downside of 15.19% from the current price, while maintaining a "neutral" rating on the stock.
• Wells Fargo upgraded Incyte to an "overweight" rating with a price objective of $89.00, while other analysts have varying outlooks, resulting in an average rating of "Hold" with a consensus target price of $81.60.
• Insider selling has occurred as executives sold shares recently, with insiders owning 17.80% of the company's stock, while institutional investors control nearly 97% of Incyte's shares.

Incyte (NASDAQ:INCY - Get Free Report) had its target price upped by equities research 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 target indicates a potential downside of 15.19% from the stock's current price.

A number of other equities research analysts have also recently issued reports on INCY. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Truist Financial upped their price objective on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. BMO Capital Markets reiterated an "underperform" rating and set a $60.00 price objective (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, UBS Group reiterated a "neutral" rating and set a $68.00 price objective (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $81.60.

Incyte Stock Down 0.5%

NASDAQ:INCY traded down $0.46 during trading hours on Friday, reaching $86.07. 116,034 shares of the stock were exchanged, compared to its average volume of 1,864,969. Incyte has a twelve month low of $53.56 and a twelve month high of $87.24. 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 50 day moving average of $73.21 and a 200 day moving average of $67.62. The stock has a market cap of $16.81 billion, a PE ratio of 19.54, a PEG ratio of 0.68 and a beta of 0.71.

Insiders Place Their Bets

In related news, EVP Vijay K. Iyengar sold 1,177 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $82,225.22. Following the sale, the executive vice president owned 35,929 shares in the company, valued at approximately $2,509,999.94. This represents a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the transaction, the executive vice president owned 102,886 shares in the company, valued at $6,990,074.84. The trade was a 3.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,098 shares of company stock worth $3,836,196 in the last quarter. Insiders own 17.80% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in INCY. Raymond James Financial Inc. bought a new position in Incyte during the 4th quarter worth $3,623,000. Mariner LLC increased its position in Incyte by 19.5% during the 4th quarter. Mariner LLC now owns 12,213 shares of the biopharmaceutical company's stock worth $843,000 after buying an additional 1,993 shares during the period. MetLife Investment Management LLC increased its position in Incyte by 1.8% during the 4th quarter. MetLife Investment Management LLC now owns 42,718 shares of the biopharmaceutical company's stock worth $2,951,000 after buying an additional 745 shares during the period. Tower Research Capital LLC TRC increased its position in Incyte by 247.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 14,150 shares of the biopharmaceutical company's stock worth $977,000 after buying an additional 10,080 shares during the period. Finally, State of Tennessee Department of Treasury increased its position in Incyte by 47.9% during the 4th quarter. State of Tennessee Department of Treasury now owns 61,199 shares of the biopharmaceutical company's stock worth $4,227,000 after buying an additional 19,818 shares during the period. 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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