Morgan Stanley Forecasts Strong Price Appreciation for Incyte (NASDAQ:INCY) Stock

Incyte (NASDAQ:INCY) had its price objective lifted by research analysts at Morgan Stanley from $92.00 to $94.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price target suggests a potential downside of 10.06% from the stock’s current price.

INCY has been the topic of several other reports. Piper Sandler boosted their target price on Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Zacks Research downgraded Incyte from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Royal Bank Of Canada upped their price objective on shares of Incyte from $81.00 to $84.00 and gave the company a “sector perform” rating in a report on Wednesday, October 29th. Barclays increased their price objective on shares of Incyte from $101.00 to $115.00 and gave the company an “overweight” rating in a research report on Monday, November 24th. Finally, Wall Street Zen raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Eight research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and an average target price of $100.21.

Incyte Stock Up 2.7%

NASDAQ:INCY traded up $2.73 during midday trading on Tuesday, reaching $104.52. 313,601 shares of the stock traded hands, compared to its average volume of 1,790,974. Incyte has a 12-month low of $53.56 and a 12-month high of $109.28. The business has a 50-day moving average of $100.86 and a two-hundred day moving average of $87.26. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20. The stock has a market capitalization of $20.52 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 0.61 and a beta of 0.82.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.61. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.07 earnings per share. On average, equities analysts forecast that Incyte will post 4.86 earnings per share for the current fiscal year.

Insider Activity

In other Incyte news, EVP Michael James Morrissey sold 4,323 shares of Incyte stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $97.26, for a total transaction of $420,454.98. Following the completion of the sale, the executive vice president directly owned 27,507 shares in the company, valued at approximately $2,675,330.82. The trade was a 13.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total transaction of $60,613.28. Following the completion of the sale, the executive vice president directly owned 26,569 shares in the company, valued at $2,693,033.84. This trade represents a 2.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 88,318 shares of company stock valued at $8,708,893. 17.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Incyte

Several hedge funds have recently added to or reduced their stakes in INCY. Park Avenue Securities LLC raised its stake in shares of Incyte by 62.4% during the 4th quarter. Park Avenue Securities LLC now owns 4,141 shares of the biopharmaceutical company’s stock valued at $409,000 after buying an additional 1,591 shares during the last quarter. GK Wealth Management LLC acquired a new stake in Incyte during the fourth quarter worth about $265,000. GAMMA Investing LLC grew its holdings in Incyte by 17.4% during the fourth quarter. GAMMA Investing LLC now owns 7,379 shares of the biopharmaceutical company’s stock worth $729,000 after acquiring an additional 1,094 shares during the period. Allworth Financial LP raised its position in Incyte by 107.1% during the third quarter. Allworth Financial LP now owns 3,564 shares of the biopharmaceutical company’s stock valued at $302,000 after acquiring an additional 1,843 shares in the last quarter. Finally, Swiss Life Asset Management Ltd lifted its holdings in Incyte by 180.8% in the third quarter. Swiss Life Asset Management Ltd now owns 85,480 shares of the biopharmaceutical company’s stock valued at $7,250,000 after acquiring an additional 55,039 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.