Incyte (NASDAQ:INCY) Stock Rating Reaffirmed by JPMorgan Chase & Co.

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.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.38 by $0.37. The business had revenue of $529.93 million for the quarter, compared to the consensus estimate of $498.57 million. Incyte had a return on equity of 17.10% and a net margin of 15.25%. The company’s revenue was up 1.6% on a year-over-year basis. During the same period last year, the business posted $0.63 EPS. On average, equities analysts expect that Incyte will post 1.98 earnings per share for the current fiscal year.

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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Analyst Recommendations for Incyte (NASDAQ:INCY)

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