JPMorgan Chase & Co. Has Lowered Expectations for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price objective trimmed by JPMorgan Chase & Co. from $68.00 to $67.00 in a report issued on Monday morning,Benzinga reports. The firm currently has a neutral rating on the biopharmaceutical company’s stock.

INCY has been the subject of a number of other research reports. Truist Financial upped their price objective on Incyte from $72.00 to $73.00 and gave the stock a “hold” rating in a research note on Tuesday, May 27th. Royal Bank Of Canada set a $67.00 price objective on Incyte and gave the stock a “sector perform” rating in a research note on Monday, June 23rd. Wall Street Zen raised Incyte from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. Morgan Stanley dropped their price objective on Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, March 24th. Finally, Citigroup reaffirmed a “buy” rating on shares of Incyte in a research note on Tuesday, June 3rd. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Incyte currently has a consensus rating of “Hold” and an average target price of $74.47.

Incyte Stock Performance

Shares of INCY opened at $69.98 on Monday. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $66.39 and a two-hundred day simple moving average of $66.62. The stock has a market cap of $13.55 billion, a price-to-earnings ratio of 218.69, a PEG ratio of 0.58 and a beta of 0.68. Incyte has a 52 week low of $53.56 and a 52 week high of $83.95.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.15. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $996.17 million. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The business’s quarterly revenue was up 19.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.64 earnings per share. On average, analysts expect that Incyte will post 4.86 EPS for the current year.

Insider Activity

In other news, EVP Barry P. Flannelly sold 10,903 shares of the firm’s stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $743,039.45. Following the completion of the sale, the executive vice president directly owned 39,744 shares of the company’s stock, valued at $2,708,553.60. This trade represents a 21.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president directly owned 26,504 shares of the company’s stock, valued at $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,119 shares of company stock valued at $1,371,385 in the last ninety days. Insiders own 17.80% of the company’s stock.

Institutional Investors Weigh In On Incyte

Institutional investors have recently modified their holdings of the stock. Banque Transatlantique SA bought a new stake in shares of Incyte in the 1st quarter valued at approximately $26,000. Raiffeisen Bank International AG purchased a new stake in shares of Incyte in the fourth quarter worth approximately $34,000. SVB Wealth LLC purchased a new stake in shares of Incyte in the first quarter worth approximately $39,000. Geneos Wealth Management Inc. raised its holdings in shares of Incyte by 350.0% in the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 588 shares during the period. Finally, WPG Advisers LLC purchased a new stake in shares of Incyte in the first quarter worth approximately $47,000. 96.97% of the stock is owned by institutional investors.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.