Morgan Stanley Issues Pessimistic Forecast for Incyte (NASDAQ:INCY) Stock Price

Incyte (NASDAQ:INCY - Get Free Report) had its price objective reduced by stock analysts at Morgan Stanley from $69.00 to $65.00 in a report issued on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the biopharmaceutical company's stock. Morgan Stanley's price objective points to a potential upside of 7.26% from the company's previous close.

Several other equities analysts also recently weighed in on INCY. 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. UBS Group started coverage on shares of Incyte in a report on Tuesday, December 17th. They issued a "neutral" rating and a $77.00 target price on the stock. Wells Fargo & Company boosted their price target on Incyte from $68.00 to $70.00 and gave the company an "equal weight" rating in a research note on Thursday, December 19th. Cantor Fitzgerald reissued a "neutral" rating on shares of Incyte in a research report on Friday, January 10th. Finally, Truist Financial decreased their target price on Incyte from $74.00 to $72.00 and set a "hold" rating on the stock in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $74.88.

Incyte Stock Down 0.1 %

NASDAQ INCY traded down $0.08 during trading hours on Monday, reaching $60.60. 1,198,590 shares of the company's stock traded hands, compared to its average volume of 2,337,343. The firm has a market cap of $11.73 billion, a PE ratio of 224.45, a PEG 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 has a 52-week low of $50.35 and a 52-week high of $83.95. The firm has a 50-day simple moving average of $69.53 and a 200 day simple moving average of $70.04.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS 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%. Sell-side analysts anticipate that Incyte will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Incyte news, EVP Sheila A. Denton sold 14,069 shares of Incyte stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the sale, the executive vice president now owns 25,848 shares of the company's stock, valued at approximately $1,914,561.36. The trade was a 35.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Barry P. Flannelly sold 19,807 shares of the firm's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now owns 33,567 shares of the company's stock, valued at approximately $2,272,150.23. The trade was a 37.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,827 shares of company stock worth $3,322,618 in the last ninety days. 17.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently modified their holdings of INCY. Quintet Private Bank Europe S.A. purchased a new position in Incyte in the fourth quarter valued at $26,000. Global X Japan Co. Ltd. raised its position in Incyte by 144.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company's stock worth $27,000 after acquiring an additional 230 shares during the period. R Squared Ltd purchased a new position in Incyte during the fourth quarter valued at $30,000. Brooklyn Investment Group acquired a new stake in shares of Incyte in the third quarter valued at about $30,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Incyte in the 3rd quarter worth about $33,000. Institutional investors and hedge funds 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.