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

Incyte (NASDAQ:INCY) had its target price upped by Morgan Stanley from $64.00 to $69.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and lifted their price target for the company from $68.00 to $90.00 in a report on Tuesday. Wells Fargo & Company decreased their price objective on Incyte from $63.00 to $62.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Finally, Truist Financial reiterated a “hold” rating and issued a $74.00 price target (down from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. 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, the company presently has an average rating of “Hold” and an average price target of $76.74.

Incyte Trading Up 0.4 %

Shares of INCY stock opened at $73.93 on Wednesday. Incyte has a 1 year low of $50.27 and a 1 year high of $74.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The stock has a market capitalization of $14.24 billion, a price-to-earnings ratio of 22.40, a PEG ratio of 5.31 and a beta of 0.73. The company’s fifty day simple moving average is $65.58 and its two-hundred day simple moving average is $61.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of $0.78 by ($2.60). The business had revenue of $1.04 billion during 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 business’s revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.77 EPS. As a group, analysts anticipate that Incyte will post 0.66 earnings per share for the current year.

Insider Activity

In related news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte 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 sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. 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

A number of institutional investors and hedge funds have recently bought and sold shares of INCY. FORVIS Wealth Advisors LLC bought a new stake in shares of Incyte in the first quarter valued at about $1,495,000. ProShare Advisors LLC raised its stake in Incyte by 14.4% in the first quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock worth $3,594,000 after buying an additional 7,925 shares in the last quarter. Kennedy Capital Management LLC bought a new position in Incyte in the first quarter worth approximately $463,000. Magnetar Financial LLC purchased a new stake in Incyte during the first quarter worth $1,817,000. Finally, Andra AP fonden increased its holdings in shares of Incyte by 35.2% in the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after acquiring an additional 64,500 shares during the period. 96.97% of the stock is owned by institutional investors.

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.