Morgan Stanley Has Lowered Expectations for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY) had its price objective cut by stock analysts at Morgan Stanley from $69.00 to $65.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 4.70% from the company’s current price.

Other analysts have also issued reports about the company. Wells Fargo & Company raised 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. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a report on Friday, January 10th. UBS Group assumed coverage on shares of Incyte in a report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective on the stock. Royal Bank of Canada cut their target price on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 11th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday, February 11th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $74.88.

Incyte Stock Performance

INCY opened at $62.08 on Monday. The firm has a fifty day moving average price of $70.22 and a 200 day moving average price of $70.18. Incyte has a 1 year low of $50.35 and a 1 year high of $83.95. The stock has a market cap of $12.01 billion, a P/E ratio of 229.93, a P/E/G ratio of 0.41 and a beta of 0.76. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Equities research analysts anticipate that Incyte will post 4.86 earnings per share for the current year.

Insider Activity

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the transaction, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at $4,867,831.23. The trade was 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 accessible through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. This trade represents a 2.26 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,827 shares of company stock valued at $3,322,618. 17.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in shares of Incyte by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company’s stock worth $278,346,000 after purchasing an additional 103,910 shares during the last quarter. AQR Capital Management LLC boosted its stake in Incyte by 29.7% during the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock worth $241,519,000 after buying an additional 801,090 shares during the period. LSV Asset Management increased its position in shares of Incyte by 18.6% during the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company’s stock valued at $239,500,000 after acquiring an additional 544,080 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Incyte in the 3rd quarter valued at 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 worth $149,017,000 after acquiring an additional 6,927 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.