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

Incyte (NASDAQ:INCY) had its target price upped by research analysts at JPMorgan Chase & Co. from $105.00 to $110.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 5.25% from the company’s previous close.

A number of other analysts have also commented on INCY. Morgan Stanley boosted their target price on Incyte from $103.00 to $104.00 and gave the company an “equal weight” rating in a research report on Thursday. Citigroup reissued a “market perform” rating on shares of Incyte in a research note on Wednesday, July 15th. Oppenheimer restated a “market perform” rating and set a $107.00 price objective on shares of Incyte in a report on Monday, June 8th. Barclays upped their target price on Incyte from $117.00 to $134.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Finally, Truist Financial increased their target price on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $111.10.

Incyte Stock Up 0.3%

NASDAQ INCY traded up $0.30 on Thursday, hitting $116.09. 342,958 shares of the company were exchanged, compared to its average volume of 1,746,878. The company has a market cap 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 stock has a fifty day moving average of $106.00 and a 200-day moving average of $101.41. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01.

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

Institutional Trading of Incyte

Several institutional investors and hedge funds have recently modified their holdings of INCY. Elyxium Wealth LLC bought a new position in shares of Incyte in the fourth quarter valued at approximately $28,000. Smithfield Trust Co raised its position in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc purchased a new stake in Incyte in the 2nd quarter valued at $32,000. CYBER HORNET ETFs LLC bought a new position in Incyte during the 2nd quarter valued at $33,000. Finally, Leonteq Securities AG bought a new position in Incyte during the 4th quarter valued at $35,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Company Profile

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.