Incyte (NASDAQ:INCY) Research Coverage Started at Morgan Stanley

Morgan Stanley assumed coverage on shares of Incyte (NASDAQ:INCY) in a research note issued to investors on Tuesday. The firm issued an equal weight rating and a $119.00 target price on the biopharmaceutical company’s stock.

Other research analysts have also recently issued reports about the stock. UBS Group reiterated a “neutral” rating and issued a $127.00 price objective on shares of Incyte in a report on Monday, October 5th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research note on Friday, September 11th. Benchmark reissued a “buy” rating on shares of Incyte in a report on Tuesday, October 13th. Mizuho upped their target price on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday, September 1st. Twelve investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Incyte presently has an average rating of “Hold” and an average price target of $129.90.

Incyte Stock Up 3.1%

INCY stock opened at $116.93 on Tuesday. The company has a 50-day simple moving average of $121.48 and a 200 day simple moving average of $111.47. The company has a market capitalization of $23.70 billion, a P/E ratio of 14.29, a PEG ratio of 3.90 and a beta of 0.74. Incyte has a fifty-two week low of $84.02 and a fifty-two week high of $132.60.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the company earned $1.57 EPS. Incyte’s quarterly revenue was up 37.7% on a year-over-year basis. Equities analysts anticipate that Incyte will post 2.36 EPS for the current year.

Insider Buying and Selling at Incyte

In related news, insider Pablo J. Cagnoni sold 2,642 shares of Incyte stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $112.71, for a total value of $297,779.82. Following the transaction, the insider directly owned 183,200 shares in the company, valued at $20,648,472. The trade was a 1.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 55,342 shares of company stock valued at $6,659,208. Corporate insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of institutional investors have recently bought and sold shares of INCY. Fiduciary Financial Advisors acquired a new stake in Incyte during the 2nd quarter worth about $26,000. Continuum Advisory LLC acquired a new position in shares of Incyte in the second quarter worth about $36,000. Quantbot Technologies LP acquired a new position in shares of Incyte in the second quarter worth about $52,000. Parkside Financial Bank & Trust boosted its holdings in shares of Incyte by 49.0% in the second quarter. Parkside Financial Bank & Trust now owns 727 shares of the biopharmaceutical company’s stock worth $82,000 after buying an additional 239 shares during the period. Finally, Contravisory Investment Management Inc. purchased a new position in shares of Incyte in the third quarter worth approximately $82,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.