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

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

INCY has been the subject of a number of other reports. Royal Bank of Canada decreased their price objective on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a report on Tuesday, February 11th. William Blair cut Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 18th. Citigroup decreased their target price on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a report on Friday, January 10th. Finally, UBS Group started coverage on shares of Incyte in a report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective for the company. One 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. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $74.88.

Incyte Stock Performance

Incyte stock opened at $62.78 on Monday. Incyte has a twelve month low of $50.35 and a twelve month high of $83.95. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $12.15 billion, a P/E ratio of 232.53, a PEG ratio of 0.41 and a beta of 0.76. The stock’s 50 day moving average is $70.42 and its 200 day moving average is $70.17.

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 fiscal year.

Insider Activity at Incyte

In other news, EVP Steven H. Stein sold 12,352 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was 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 of the company’s stock, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Barry P. Flannelly sold 19,807 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were 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 directly owns 33,567 shares in the company, valued at approximately $2,272,150.23. This represents a 37.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,827 shares of company stock valued at $3,322,618 over the last 90 days. 17.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Incyte

A number of large investors have recently bought and sold shares of INCY. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Incyte in the 3rd quarter worth about $292,000. PNC Financial Services Group Inc. increased its stake in shares of Incyte by 42.1% during 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 buying an additional 9,083 shares during the period. Commerce Bank purchased a new stake in Incyte in the third quarter worth about $610,000. Advisors Asset Management Inc. grew its holdings in Incyte by 2.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 15,244 shares of the biopharmaceutical company’s stock worth $1,008,000 after acquiring an additional 386 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new position in Incyte during the 3rd quarter valued at about $4,739,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.