JPMorgan Chase & Co. Lowers Incyte (NASDAQ:INCY) Price Target to $67.00

Incyte (NASDAQ:INCY - Get Free Report) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $68.00 to $67.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s price target suggests a potential downside of 2.89% from the stock's current price.

INCY has been the topic of a number of other reports. William Blair downgraded shares of Incyte from an "outperform" rating to a "market perform" rating in a research report on Tuesday, March 18th. Guggenheim cut shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price objective on the stock. in a research note on Tuesday, March 18th. Royal Bank Of Canada set a $67.00 price objective on shares of Incyte and gave the stock a "sector perform" rating in a research note on Monday, June 23rd. Citigroup reaffirmed a "buy" rating on shares of Incyte in a research note on Tuesday, June 3rd. Finally, Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $74.47.

Incyte Stock Performance

NASDAQ:INCY traded up $0.41 during mid-day trading on Monday, hitting $69.00. The stock had a trading volume of 444,297 shares, compared to its average volume of 1,946,213. Incyte has a 52 week low of $53.56 and a 52 week high of $83.95. The stock has a market capitalization of $13.36 billion, a price-to-earnings ratio of 215.91, a P/E/G ratio of 0.58 and a beta of 0.68. The company has a 50 day simple moving average of $66.23 and a 200-day simple moving average of $66.62. The company has a current ratio of 2.04, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. Incyte had a net margin of 0.48% and a return on equity of 2.77%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $996.17 million. During the same period in the previous year, the firm earned $0.64 EPS. Incyte's revenue was up 19.5% on a year-over-year basis. On average, research analysts expect that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 10,903 shares of Incyte stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $743,039.45. Following the completion of the sale, the executive vice president directly owned 39,744 shares in the company, valued at $2,708,553.60. The trade was a 21.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following the sale, the executive vice president directly owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,119 shares of company stock valued at $1,371,385. Corporate insiders own 17.80% of the company's stock.

Hedge Funds Weigh In On Incyte

Several large investors have recently bought and sold shares of INCY. Banque Transatlantique SA acquired a new position in shares of Incyte in the 1st quarter valued at $26,000. Raiffeisen Bank International AG bought a new position in shares of Incyte in the 4th quarter valued at about $34,000. SVB Wealth LLC bought a new position in shares of Incyte in the 1st quarter valued at about $39,000. Geneos Wealth Management Inc. boosted its stake in shares of Incyte by 350.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock valued at $46,000 after purchasing an additional 588 shares during the last quarter. Finally, WPG Advisers LLC acquired a new stake in shares of Incyte in the 1st quarter valued at approximately $47,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

About Incyte

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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