Incyte (NASDAQ:INCY) Price Target Cut to $65.00 by Analysts at Morgan Stanley

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

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. UBS Group started coverage on shares of Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 target price for the company. JMP Securities reissued a “market perform” rating on shares of Incyte in a report on Tuesday, February 11th. Guggenheim downgraded Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price target for the company. in a report on Tuesday, March 18th. Finally, Wells Fargo & Company increased their price objective on Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $74.88.

Incyte Stock Down 1.3 %

Shares of INCY opened at $61.26 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The stock has a market capitalization of $11.86 billion, a PE ratio of 226.90, a P/E/G ratio of 0.41 and a beta of 0.76. The company’s 50-day simple moving average is $70.00 and its 200-day simple moving average is $70.12. Incyte has a 1 year low of $50.35 and a 1 year 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 return on equity of 0.05% and a net margin of 0.77%. Analysts forecast that Incyte will post 4.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sheila A. Denton sold 14,069 shares of Incyte stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the transaction, the executive vice president now owns 25,848 shares in the company, valued at approximately $1,914,561.36. This trade represents a 35.25 % decrease in their ownership of the stock. 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. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of large investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Incyte by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company’s stock worth $278,346,000 after acquiring an additional 103,910 shares during the period. AQR Capital Management LLC increased its position in Incyte by 29.7% during the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock worth $241,519,000 after purchasing an additional 801,090 shares during the period. LSV Asset Management increased its position in Incyte by 18.6% during the 4th quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company’s stock worth $239,500,000 after purchasing an additional 544,080 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Incyte during the 3rd quarter worth approximately $156,611,000. Finally, Bellevue Group AG lifted its holdings in shares of Incyte by 0.3% in the 4th quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company’s stock valued at $149,017,000 after buying an additional 6,927 shares during the period. 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.