Incyte (NASDAQ:INCY) Given New $123.00 Price Target at JPMorgan Chase & Co.

Incyte (NASDAQ:INCY) had its target price upped by research analysts at JPMorgan Chase & Co. from $120.00 to $123.00 in a report issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 0.67% from the stock’s current price.

Several other brokerages have also recently weighed in on INCY. Guggenheim raised their target price on shares of Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Citigroup restated a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Oppenheimer reiterated a “market perform” rating and set a $120.00 target price on shares of Incyte in a research report on Tuesday, July 28th. Piper Sandler raised 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. Finally, Morgan Stanley set a $119.00 target price on Incyte in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat, Incyte currently has a consensus rating of “Moderate Buy” and an average target price of $124.80.

Incyte Trading Down 0.0%

Incyte stock traded down $0.06 during midday trading on Monday, hitting $123.83. 495,021 shares of the stock were exchanged, compared to its average volume of 1,711,154. Incyte has a fifty-two week low of $82.52 and a fifty-two week high of $132.60. The stock has a market capitalization of $25.10 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 3.60 and a beta of 0.77. The stock’s 50-day simple moving average is $123.43 and its 200 day simple moving average is $108.51.

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

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of INCY. Trails Edge Capital Partners LP acquired a new stake in Incyte in the second quarter worth $17,570,800. Twin Capital Management Inc. bought a new stake in Incyte during the first quarter worth approximately $875,000. BlackRock Inc. acquired a new stake in shares of Incyte in the second quarter valued at $2,044,189,000. Sector Gamma AS boosted its position in shares of Incyte by 6.7% during the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock valued at $21,609,000 after purchasing an additional 13,669 shares in the last quarter. Finally, Mediolanum International Funds Ltd increased its holdings in shares of Incyte by 25.4% in the first quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock valued at $5,447,000 after buying an additional 12,227 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte News Roundup

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: FDA approves Atebrioz for ultra-rare FOP: The U.S. Food and Drug Administration approved Atebrioz, developed by Incyte and Mirum Pharmaceuticals, for fibrodysplasia ossificans progressiva (FOP), a rare genetic disorder that causes abnormal bone formation. The approval was supported by PROGRESS study data showing a reduction in the volume of new heterotopic ossification lesions, providing Incyte with exposure to a potentially valuable specialty-drug market. Incyte, Mirum’s Treatment of Rare Genetic Ossification Condition Approved by US FDA
• Positive Sentiment: Analyst raises price target and maintains Buy: H.C. Wainwright increased its Incyte price target to $152 from $150 while reiterating a Buy rating. The firm cited the Atebrioz approval and additional upside from Incyte’s KRAS pipeline, suggesting meaningful potential appreciation from recent trading levels. Incyte: Atebrioz Approval and KRAS Pipeline Upside Drive Buy Rating; Price Target Raised to $152
• Positive Sentiment: New product launch broadens growth prospects: Coverage of the approval describes the Atebrioz program as potentially transformational for Mirum and strategically meaningful for Incyte. Commercial execution, adoption in the FOP population and the companies’ revenue-sharing arrangements will determine the ultimate financial impact. Mirum and Incyte’s Atebrioz approved for FOP in US
• Neutral Sentiment: Other items in the news flow, including MiniMed’s executive appointment and a comparative analysis of Vir Biotechnology and Incyte, do not provide a material new catalyst for Incyte’s shares.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.