Incyte (NASDAQ:INCY) Given New $69.00 Price Target at Morgan Stanley

Incyte (NASDAQ:INCY) had its price objective raised by equities researchers at Morgan Stanley from $64.00 to $69.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s target price would indicate a potential downside of 5.40% from the stock’s current price.

A number of other research firms have also weighed in on INCY. Guggenheim boosted their target price on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, September 16th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Truist Financial reissued a “hold” rating and issued a $74.00 target price (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Royal Bank of Canada boosted their price target on Incyte from $67.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday. Finally, Wolfe Research started coverage on Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target for the company. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $75.95.

Incyte Price Performance

INCY stock traded down $0.66 during mid-day trading on Wednesday, hitting $72.94. 1,089,374 shares of the stock were exchanged, compared to its average volume of 2,330,361. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The business has a fifty day moving average price of $65.39 and a 200 day moving average price of $61.51. Incyte has a 12 month low of $50.27 and a 12 month high of $74.60. The stock has a market capitalization of $14.05 billion, a price-to-earnings ratio of 22.14, a PEG ratio of 5.31 and a beta of 0.73.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period last year, the firm earned $0.77 EPS. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, sell-side analysts anticipate that Incyte will post 0.66 EPS for the current year.

Insider Activity at Incyte

In related news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Incyte news, insider Thomas Tray sold 572 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares in the company, valued at approximately $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently bought and sold shares of INCY. MFA Wealth Advisors LLC bought a new stake in Incyte during the second quarter valued at about $26,000. Innealta Capital LLC purchased a new position in shares of Incyte during the second quarter valued at approximately $32,000. Cromwell Holdings LLC boosted its position in shares of Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 283 shares during the period. Fidelis Capital Partners LLC purchased a new position in shares of Incyte during the first quarter valued at approximately $32,000. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of Incyte during the second quarter valued at approximately $36,000. 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.