Incyte (NASDAQ:INCY) Coverage Initiated by Analysts at Morgan Stanley

Analysts at Morgan Stanley began coverage on shares of Incyte (NASDAQ:INCY) in a research report issued on Tuesday. The brokerage set an “equal weight” rating and a $119.00 price target on the biopharmaceutical company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 2.34% from the company’s current price.

A number of other research analysts also recently commented on INCY. HC Wainwright restated a “buy” rating and issued a $152.00 target price on shares of Incyte in a research note on Tuesday, October 13th. Leerink Partners raised their price target on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Canaccord Genuity Group assumed coverage on Incyte in a report on Thursday, August 20th. They set a “buy” rating and a $152.00 price target for the company. Piper Sandler lifted their price target on Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a report on Monday, August 17th. Finally, Wall Street Zen cut Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $129.33.

Incyte Stock Up 2.7%

Shares of Incyte stock traded up $3.03 on Tuesday, hitting $116.28. 62,346 shares of the company traded hands, compared to its average volume of 1,715,384. The company has a 50-day moving average price of $121.79 and a 200 day moving average price of $111.04. Incyte has a 12-month low of $84.02 and a 12-month high of $132.60. The company has a market cap of $23.57 billion, a PE ratio of 14.80, a PEG ratio of 4.04 and a beta of 0.74.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the business posted $1.57 earnings per share. Incyte’s revenue for the quarter was up 37.7% compared to the same quarter last year. Equities research analysts anticipate that Incyte will post 2.28 EPS for the current year.

Insider Activity at Incyte

In other news, EVP Patrick Mayes sold 41,899 shares of Incyte stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 55,342 shares of company stock worth $6,659,208. Corporate insiders own 16.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Greenleaf Trust grew its holdings in Incyte by 2.8% during the 2nd quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock valued at $381,000 after buying an additional 93 shares in the last quarter. 180 Wealth Advisors LLC increased its position in shares of Incyte by 2.0% during the first quarter. 180 Wealth Advisors LLC now owns 6,877 shares of the biopharmaceutical company’s stock valued at $647,000 after buying an additional 132 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in shares of Incyte by 0.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 36,343 shares of the biopharmaceutical company’s stock worth $3,590,000 after buying an additional 134 shares in the last quarter. Mather Group LLC. lifted its holdings in shares of Incyte by 13.5% in the third quarter. Mather Group LLC. now owns 1,157 shares of the biopharmaceutical company’s stock worth $140,000 after buying an additional 138 shares in the last quarter. Finally, Tema ETFs LLC lifted its holdings in shares of Incyte by 5.7% in the second quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company’s stock worth $307,000 after buying an additional 145 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.