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

Key Points

• JPMorgan Chase & Co. raised its price target on Incyte from $105 to $110 but kept a neutral rating, implying about 5.25% downside from the current share price.
• Other analysts remain mixed on the stock, with a consensus rating of Hold and an average target price of $111.10 across the broader analyst coverage.
• Incyte’s latest quarterly results beat expectations, posting $1.81 EPS on $1.27 billion in revenue, while the stock recently traded around $116.09, near its 12-month high.

Incyte (NASDAQ:INCY - Get Free Report) had its price target raised by research analysts at JPMorgan Chase & Co. from $105.00 to $110.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s target price would suggest a potential downside of 5.25% from the stock's current price.

A number of other research firms have also weighed in on INCY. Sanford C. Bernstein began coverage on shares of Incyte in a report on Thursday, May 21st. They set a "market perform" rating and a $99.00 target price on the stock. Truist Financial raised their price target on shares of Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a research note on Monday, June 22nd. Royal Bank Of Canada boosted their price objective on shares of Incyte from $95.00 to $99.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 7th. TD Cowen restated a "hold" rating on shares of Incyte in a report on Tuesday, June 9th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Incyte in a research report on Monday, June 29th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $111.10.

Incyte Price Performance

Shares of INCY traded up $0.30 during trading hours on Thursday, reaching $116.09. The stock had a trading volume of 342,958 shares, compared to its average volume of 1,746,878. The stock has a market capitalization of $23.19 billion, a PE ratio of 16.39, a PEG ratio of 1.06 and a beta of 0.76. Incyte has a 12 month low of $69.69 and a 12 month high of $119.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The company's 50-day moving average is $106.00 and its two-hundred day moving average is $101.41.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period last year, the company earned $1.16 earnings per share. The business's quarterly revenue was up 20.9% on a year-over-year basis. Research analysts expect that Incyte will post 6.61 EPS for the current year.

Institutional Investors Weigh In On Incyte

Several large investors have recently modified their holdings of the company. Elyxium Wealth LLC bought a new stake in Incyte during the fourth quarter valued at $28,000. Smithfield Trust Co raised its position in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Incyte in the 4th quarter valued at about $35,000. Atlas Capital Advisors Inc. bought a new stake in shares of Incyte during the 4th quarter valued at about $35,000. Finally, Leonteq Securities AG bought a new stake in shares of Incyte during the 4th quarter valued at about $35,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company's research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company's flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.

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