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

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

Other equities research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, August 1st. William Blair reissued an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Oppenheimer increased their target price on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday. Royal Bank of Canada increased their target price on shares of Incyte from $67.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Finally, Wells Fargo & Company lowered their target price on shares of Incyte from $63.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Incyte presently has a consensus rating of “Hold” and an average price target of $75.95.

Incyte Stock Performance

Shares of NASDAQ INCY traded down $0.66 during mid-day trading on Wednesday, hitting $72.94. The stock had a trading volume of 1,089,374 shares, compared to its average volume of 2,330,361. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The company has a 50 day moving average of $65.39 and a two-hundred day moving average of $61.51. Incyte has a twelve month low of $50.27 and a twelve month high of $74.60. The firm has a market cap of $14.05 billion, a PE ratio of 22.14, a PEG ratio of 5.31 and a beta of 0.73.

Incyte (NASDAQ:INCY) last released its 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 net margin of 2.52% and a return on equity of 0.75%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the company earned $0.77 earnings per share. Incyte’s revenue was up 9.3% on a year-over-year basis. Research analysts predict that Incyte will post 0.66 EPS for the current fiscal year.

Insider Transactions at Incyte

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

Institutional Investors Weigh In On Incyte

Institutional investors have recently modified their holdings of the company. MFA Wealth Advisors LLC purchased a new stake in shares of Incyte during the 2nd quarter worth $26,000. Innealta Capital LLC purchased a new stake in shares of Incyte during the 2nd quarter worth $32,000. Cromwell Holdings LLC lifted its position in shares of Incyte by 101.1% during the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 283 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of Incyte during the 1st quarter worth $32,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Incyte during the 2nd quarter worth $36,000. 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.