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

Incyte (NASDAQ:INCY) had its target price cut by Morgan Stanley from $69.00 to $65.00 in a research report released on Monday morning,Benzinga reports. They currently have an equal weight rating on the biopharmaceutical company’s stock.

Other analysts also recently issued research reports about the company. Stifel Nicolaus lifted their price objective on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research note on Monday, February 10th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. UBS Group began coverage on shares of Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price target on the stock. Citigroup dropped their price objective on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Finally, Wells Fargo & Company increased their price target on shares of Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. One 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, Incyte presently has an average rating of “Hold” and an average target price of $74.88.

Incyte Stock Down 1.3 %

NASDAQ INCY opened at $61.26 on Monday. The stock’s 50-day moving average price is $70.00 and its 200-day moving average price is $70.12. The company has a market capitalization of $11.86 billion, a P/E ratio of 226.90, a price-to-earnings-growth 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. 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 results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share 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, equities research analysts predict that Incyte will post 4.86 earnings per share for the current year.

Insider Activity at Incyte

In other news, EVP Steven H. Stein sold 12,352 shares of the 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 completion of the sale, the executive vice president now directly owns 66,967 shares in the company, valued at $4,867,831.23. This represents a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. The trade was a 2.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,827 shares of company stock valued at $3,322,618. 17.60% 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. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Incyte in the third quarter valued at approximately $292,000. PNC Financial Services Group Inc. raised its position in Incyte by 42.1% in the third 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 during the period. Commerce Bank acquired a new position in shares of Incyte in the 3rd quarter valued at $610,000. Advisors Asset Management Inc. lifted its stake in shares of Incyte by 2.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 15,244 shares of the biopharmaceutical company’s stock valued at $1,008,000 after purchasing an additional 386 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of Incyte during the 3rd quarter worth $4,739,000. 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.