Morgan Stanley Boosts Incyte (NASDAQ:INCY) Price Target to $69.00

Incyte (NASDAQ:INCY) had its price target boosted by equities research analysts at Morgan Stanley from $64.00 to $69.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s target price would suggest a potential downside of 6.91% from the stock’s previous close.

INCY has been the topic of several other reports. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Oppenheimer increased their price target on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday. BMO Capital Markets reaffirmed an “underperform” rating and issued a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research note on Wednesday. Truist Financial reissued a “hold” rating and set a $74.00 target price (down from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. Finally, Guggenheim boosted their price target on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $76.74.

Incyte Stock Performance

Shares of INCY opened at $74.12 on Wednesday. Incyte has a 52 week low of $50.27 and a 52 week high of $74.68. 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 market capitalization of $14.28 billion, a PE ratio of 22.46, a PEG ratio of 5.31 and a beta of 0.73. The company’s 50 day moving average price is $65.80 and its 200 day moving average price is $61.68.

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

Insider Buying and Selling at Incyte

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

Institutional Trading of Incyte

Institutional investors have recently made changes to their positions in the business. MFA Wealth Advisors LLC acquired a new stake in Incyte during the second quarter valued at approximately $26,000. Fidelis Capital Partners LLC bought a new position in shares of Incyte during the 1st quarter worth approximately $32,000. Innealta Capital LLC acquired a new stake in Incyte in the 2nd quarter valued at $32,000. Itau Unibanco Holding S.A. bought a new stake in Incyte in the second quarter valued at $36,000. Finally, Deseret Mutual Benefit Administrators raised its stake in Incyte by 37.1% during the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 164 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.