JPMorgan Chase & Co. reiterated their buy rating on shares of Incyte (NASDAQ:INCY) in a research note published on Wednesday morning, AnalystRatings.com reports. They currently have a $91.00 price objective on the biopharmaceutical company’s stock.
INCY has been the topic of several other reports. BidaskClub downgraded Incyte from a buy rating to a hold rating in a report on Saturday, July 13th. Royal Bank of Canada downgraded Incyte from an outperform rating to a sector perform rating and set a $89.00 target price on the stock. in a report on Wednesday, April 3rd. They noted that the move was a valuation call. Morgan Stanley raised their target price on Incyte from $81.00 to $82.00 and gave the company an equal weight rating in a report on Wednesday. Cowen reiterated a buy rating on shares of Incyte in a report on Monday, May 27th. Finally, Oppenheimer set a $85.00 target price on Incyte and gave the company a hold rating in a report on Sunday, April 7th. Twelve analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Incyte has an average rating of Buy and an average target price of $89.67.
Shares of NASDAQ:INCY traded down $1.38 during mid-day trading on Wednesday, hitting $83.47. 1,237,227 shares of the company traded hands, compared to its average volume of 1,048,820. The firm has a market capitalization of $18.25 billion, a price-to-earnings ratio of 101.79 and a beta of 1.12. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.21 and a current ratio of 5.61. Incyte has a 52-week low of $57.00 and a 52-week high of $89.30. The stock’s 50 day moving average price is $82.97.
In other news, EVP Steven H. Stein sold 8,357 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $87.96, for a total value of $735,081.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 959 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $79.91, for a total value of $76,633.69. The disclosure for this sale can be found here. Insiders sold a total of 14,316 shares of company stock valued at $1,211,715 over the last quarter. Company insiders own 17.10% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Bremer Bank National Association bought a new stake in shares of Incyte in the 1st quarter valued at approximately $31,000. CX Institutional increased its holdings in shares of Incyte by 1,496.7% in the 1st quarter. CX Institutional now owns 479 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 449 shares during the last quarter. Financial Gravity Wealth Inc. bought a new stake in shares of Incyte in the 1st quarter valued at approximately $51,000. Machina Capital S.A.S. bought a new stake in shares of Incyte in the 4th quarter valued at approximately $48,000. Finally, Amica Retiree Medical Trust bought a new stake in shares of Incyte in the 2nd quarter valued at approximately $65,000. Institutional investors and hedge funds own 90.37% of the company’s stock.
Incyte Company Profile
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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