Incyte (NASDAQ:INCY) Price Target Cut to $83.00

Incyte (NASDAQ:INCY) had its target price lowered by equities researchers at Morgan Stanley from $89.00 to $83.00 in a report released on Monday, January 6th, BenzingaRatingsTable reports. The firm currently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price objective indicates a potential upside of 2.62% from the stock’s previous close.

Several other equities analysts have also issued reports on INCY. Mizuho cut Incyte from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $98.00 to $79.00 in a research note on Thursday, January 2nd. Credit Suisse Group cut their target price on Incyte from $90.00 to $86.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Citigroup restated an “outperform” rating and issued a $96.00 target price (down previously from $100.00) on shares of Incyte in a research note on Friday, January 3rd. BidaskClub downgraded Incyte from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, BMO Capital Markets cut their price objective on Incyte from $85.00 to $74.00 and set a “market perform” rating on the stock in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $91.54.

Shares of NASDAQ INCY traded up $0.34 during midday trading on Monday, reaching $80.88. 1,562 shares of the stock were exchanged, compared to its average volume of 1,760,126. The business has a 50-day simple moving average of $88.16 and a two-hundred day simple moving average of $82.98. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.02 and a quick ratio of 5.01. The company has a market capitalization of $17.55 billion, a price-to-earnings ratio of 99.09, a P/E/G ratio of 0.91 and a beta of 0.97. Incyte has a 12 month low of $72.00 and a 12 month high of $96.79.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.27. The company had revenue of $551.58 million for the quarter, compared to the consensus estimate of $534.73 million. Incyte had a net margin of 19.21% and a return on equity of 20.07%. The company’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 EPS. Equities research analysts expect that Incyte will post 2.14 earnings per share for the current fiscal year.

In other news, EVP Paula J. Swain sold 2,500 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $91.61, for a total value of $229,025.00. Following the transaction, the executive vice president now owns 44,112 shares of the company’s stock, valued at approximately $4,041,100.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Trower sold 16,500 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $80.45, for a total transaction of $1,327,425.00. Following the sale, the insider now directly owns 23,907 shares of the company’s stock, valued at $1,923,318.15. The disclosure for this sale can be found here. Insiders sold a total of 131,436 shares of company stock valued at $11,391,310 over the last ninety days. 17.10% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Commonwealth Bank of Australia raised its holdings in shares of Incyte by 49.2% in the 2nd quarter. Commonwealth Bank of Australia now owns 376 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 124 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its position in shares of Incyte by 617.7% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 445 shares of the biopharmaceutical company’s stock valued at $33,000 after purchasing an additional 383 shares in the last quarter. Pathstone Family Office LLC purchased a new stake in Incyte during the 2nd quarter worth about $34,000. Captrust Financial Advisors purchased a new stake in Incyte during the 2nd quarter worth about $35,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Incyte in the 3rd quarter worth about $46,000. Institutional investors and hedge funds own 90.90% of the company’s stock.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Analyst Recommendations for Incyte (NASDAQ:INCY)

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