Incyte (NASDAQ:INCY) Price Target Raised to $123.00

Incyte (NASDAQ:INCY) had its price target raised by JPMorgan Chase & Co. from $120.00 to $123.00 in a research note released on Monday,Benzinga reports. They currently have a neutral rating on the biopharmaceutical company’s stock.

A number of other brokerages have also issued reports on INCY. Citigroup reissued a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Piper Sandler upped their price objective on shares of Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research note on Monday, August 17th. Wall Street Zen upgraded shares of Incyte from a “hold” rating to a “buy” rating in a report on Saturday, September 12th. BMO Capital Markets reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, September 1st. Finally, Weiss Ratings upgraded shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, Incyte presently has a consensus rating of “Moderate Buy” and an average target price of $124.80.

Incyte Stock Down 1.5%

Shares of Incyte stock opened at $121.35 on Monday. Incyte has a fifty-two week low of $82.82 and a fifty-two week high of $132.60. The business’s fifty day moving average is $123.85 and its two-hundred day moving average is $109.12. The firm has a market cap of $24.60 billion, a PE ratio of 15.46, a P/E/G ratio of 3.58 and a beta of 0.77.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.57 earnings per share. Equities research analysts anticipate that Incyte will post 2.64 EPS for the current year.

Insider Transactions at Incyte

In other news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Institutional Trading of Incyte

A number of institutional investors and hedge funds have recently bought and sold shares of INCY. Greenleaf Trust lifted its position in Incyte by 2.8% during the second quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock valued at $381,000 after buying an additional 93 shares in the last quarter. 180 Wealth Advisors LLC grew its stake in Incyte by 2.0% during the first quarter. 180 Wealth Advisors LLC now owns 6,877 shares of the biopharmaceutical company’s stock worth $647,000 after buying an additional 132 shares during the period. Rockefeller Capital Management L.P. increased its position in shares of Incyte by 0.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 36,343 shares of the biopharmaceutical company’s stock worth $3,590,000 after acquiring an additional 134 shares in the last quarter. Tema ETFs LLC increased its position in shares of Incyte by 5.7% in the second quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company’s stock worth $307,000 after acquiring an additional 145 shares in the last quarter. Finally, Fielder Capital Group LLC raised its stake in shares of Incyte by 6.3% in the 4th quarter. Fielder Capital Group LLC now owns 2,649 shares of the biopharmaceutical company’s stock valued at $262,000 after acquiring an additional 156 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.