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

Incyte (NASDAQ:INCY) had its price target lowered 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 brokerage currently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price objective points to a potential upside of 4.97% from the company’s previous close.

A number of other equities research analysts have also weighed in on INCY. Stifel Nicolaus lifted their price objective on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research report on Monday, February 10th. Guggenheim cut shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price target on the stock. in a report on Tuesday, March 18th. William Blair lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 18th. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday, February 11th. Finally, Royal Bank of Canada decreased their price target on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 11th. One equities 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $74.88.

Incyte Trading Up 2.2 %

NASDAQ:INCY opened at $61.92 on Monday. The firm has a market capitalization of $11.98 billion, a P/E ratio of 229.34, a P/E/G ratio of 0.41 and a beta of 0.76. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The company has a fifty day moving average of $70.61 and a 200 day moving average of $70.17. Incyte has a 52 week low of $50.35 and a 52 week high of $83.95.

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

Insider Activity

In other news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the transaction, the executive vice president now owns 66,967 shares in the company, valued at $4,867,831.23. This represents a 15.57 % decrease in their position. The sale 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 Incyte stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total value of $41,924.01. Following the transaction, the executive vice president now owns 25,848 shares in the company, valued at $1,809,101.52. This trade represents a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,827 shares of company stock worth $3,322,618 over the last three months. 17.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Several hedge funds have recently modified their holdings of the company. CWA Asset Management Group LLC purchased a new stake in shares of Incyte in the 4th quarter worth approximately $1,933,000. Orion Portfolio Solutions LLC acquired a new stake in Incyte during the 3rd quarter worth about $770,000. Tri Ri Asset Management Corp purchased a new stake in Incyte in the third quarter valued at approximately $3,292,000. Bridgewater Associates LP increased its stake in shares of Incyte by 142.8% in the third quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock worth $20,401,000 after acquiring an additional 181,504 shares during the period. Finally, Pallas Capital Advisors LLC purchased a new position in Incyte during the fourth quarter valued at approximately $1,006,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

About Incyte

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.