Morgan Stanley Cuts Incyte (NASDAQ:INCY) Price Target to $65.00

Incyte (NASDAQ:INCY) had its price target decreased by investment analysts at Morgan Stanley from $69.00 to $65.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price objective suggests a potential upside of 4.97% from the company’s current price.

Several other research analysts also recently weighed in on INCY. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Friday, January 10th. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, February 11th. UBS Group started coverage on Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price target for the company. Wells Fargo & Company boosted their price objective on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Finally, Stifel Nicolaus raised their target price on Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $74.88.

Incyte Price Performance

INCY stock opened at $61.92 on Monday. Incyte has a 1 year low of $50.35 and a 1 year high of $83.95. The stock has a market capitalization of $11.98 billion, a PE ratio of 229.34, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The company’s 50-day moving average is $70.61 and its 200-day moving average is $70.17. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. Equities research analysts expect that Incyte will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the sale, the executive vice president now directly owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. The trade was a 37.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Steven H. Stein sold 12,352 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the sale, the executive vice president now owns 66,967 shares in the company, valued at $4,867,831.23. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,827 shares of company stock valued at $3,322,618. 17.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently modified their holdings of the company. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Incyte in the third quarter worth approximately $292,000. PNC Financial Services Group Inc. boosted its stake in shares of Incyte by 42.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 30,649 shares of the biopharmaceutical company’s stock valued at $2,026,000 after purchasing an additional 9,083 shares in the last quarter. Commerce Bank bought a new position in shares of Incyte during the 3rd quarter valued at $610,000. Advisors Asset Management Inc. raised its position in Incyte by 2.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 15,244 shares of the biopharmaceutical company’s stock worth $1,008,000 after purchasing an additional 386 shares during the period. Finally, Massachusetts Financial Services Co. MA bought a new stake in Incyte in the third quarter worth $4,739,000. 96.97% of the stock is currently owned by hedge funds and other 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.