Incyte (NASDAQ:INCY) Given New $65.00 Price Target at Morgan Stanley

Incyte (NASDAQ:INCY) had its target price dropped by equities research 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 would indicate a potential upside of 4.70% from the company’s previous close.

Several other research firms have also commented on INCY. William Blair lowered Incyte from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 18th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, February 11th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. UBS Group began coverage on shares of Incyte in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price target on the stock. Finally, Truist Financial reduced their price objective on shares of Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $74.88.

Incyte Price Performance

Shares of NASDAQ INCY opened at $62.08 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The company has a market cap of $12.01 billion, a price-to-earnings ratio of 229.93, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The stock’s 50-day moving average is $70.22 and its two-hundred day moving average is $70.18. Incyte has a 1-year low of $50.35 and a 1-year high of $83.95.

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

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 19,807 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the transaction, the executive vice president now 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total value of $41,924.01. Following the sale, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. This represents a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,827 shares of company stock valued at $3,322,618 in the last ninety days. Insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. CWA Asset Management Group LLC acquired a new position in Incyte during the 4th quarter worth approximately $1,933,000. Orion Portfolio Solutions LLC purchased a new stake in shares of Incyte in the third quarter valued at approximately $770,000. Tri Ri Asset Management Corp acquired a new position in Incyte during the third quarter worth $3,292,000. Bridgewater Associates LP raised its position in 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 in the last quarter. Finally, Pallas Capital Advisors LLC acquired a new stake in Incyte in the fourth quarter valued at $1,006,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.