Incyte (NASDAQ:INCY) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Incyte (NASDAQ:INCY) had its target price upped by JPMorgan Chase & Co. from $105.00 to $110.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 6.52% from the stock’s previous close.

INCY has been the subject of several other reports. Sanford C. Bernstein began coverage on shares of Incyte in a research note on Thursday, May 21st. They set a “market perform” rating and a $99.00 price objective for the company. TD Cowen reiterated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of Incyte in a report on Monday, June 29th. UBS Group boosted their target price on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Finally, Citigroup reaffirmed a “market perform” rating on shares of Incyte in a report on Wednesday, July 15th. Eight investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $111.10.

Incyte Stock Up 0.8%

Shares of INCY stock opened at $117.67 on Thursday. The stock’s 50-day simple moving average is $106.82 and its 200-day simple moving average is $101.63. 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 firm has a market capitalization of $23.51 billion, a PE ratio of 16.62, a P/E/G ratio of 1.05 and a beta of 0.76. Incyte has a fifty-two week low of $69.69 and a fifty-two week high of $119.60.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 earnings per share. Equities analysts expect that Incyte will post 6.63 earnings per share for the current year.

Institutional Investors Weigh In On Incyte

Institutional investors have recently added to or reduced their stakes in the stock. Elyxium Wealth LLC acquired a new position in Incyte during the fourth quarter worth $28,000. Smithfield Trust Co grew its position in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Incyte during the fourth quarter worth about $35,000. Atlas Capital Advisors Inc. purchased a new stake in shares of Incyte during the fourth quarter worth about $35,000. Finally, Leonteq Securities AG acquired a new position in shares of Incyte during the 4th quarter worth about $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.