Morgan Stanley lowers its price target (NASDAQ: INCY) to $ 85.00
Incyte (NASDAQ: INCY) saw its price target lowered by Morgan Stanley investment analysts from $ 86.00 to $ 85.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the shares of the biopharmaceutical company. Morgan Stanley’s price target points to a potential rise of 4.44% from the current share price.
Several other equity analysts have also weighed on INCY recently. TheStreet downgraded Incyte’s shares from a “b-” rating to a “c” rating in a research note on Monday March 15th. SVB Leerink downgraded Incyte’s shares from a “market performance” rating to an “underperformance” rating and reduced their target share price from $ 89.00 to $ 70.00 in a research note Wednesday, February 10. A stock research analyst rated the stock with a sell rating, eight assigned a sustaining rating, and eight issued a buy rating on the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $ 99.50.
NASDAQ INCY shares opened at $ 81.39 on Tuesday. The company has a debt to equity ratio of 0.01, a quick ratio of 3.53, and a current ratio of 3.56. The company’s 50-day simple moving average is $ 82.58 and its 200-day simple moving average is $ 84.82. The stock has a market cap of $ 17.90 billion, a price-to-earnings ratio of -51.84, a PEG ratio of 0.98, and a beta of 0.96. Incyte has a 52 week low of $ 75.52 and a 52 week high of $ 110.36.
Incyte (NASDAQ: INCY) last released its quarterly earnings data on Tuesday, May 4. The biopharmaceutical company reported EPS of $ 0.67 for the quarter, beating the consensus estimate of $ 0.42 by $ 0.25. The company posted revenue of $ 604.72 million in the quarter, compared to the consensus estimate of $ 657.73 million. Incyte posted a negative return on equity of 13.66% and a negative net margin of 13.62%. The company’s quarterly revenue increased 6.4% compared to the same quarter last year. During the same period of the previous year, the company posted earnings per share ($ 2.86). On average, sell-side analysts predict that Incyte will post -1.45 EPS for the current year.
In other Incyte news, executive vice president Michael James Morrissey sold 20,000 shares in a trade on Monday, March 29. The stock was sold for an average price of $ 81.08, for a total value of $ 1,621,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via the SEC website. In addition, the Dashyant Dhanak EVP sold 396 shares of the stock in a trade on Thursday, April 1. The stock was sold for an average price of $ 81.57, for a total value of $ 32,301.72. Disclosure of this sale can be found here. Company insiders own 16.10% of the company’s shares.
A number of institutional investors and hedge funds have recently bought and sold shares of INCY. Benjamin F. Edwards & Company Inc. increased its holdings of Incyte shares by 49.6% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 383 shares of the biopharmaceutical company valued at $ 33,000 after acquiring 127 additional shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings of Incyte shares by 1,366.7% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 440 shares of the biopharmaceutical company valued at $ 36,000 after acquiring 410 additional shares in the last quarter. Bessemer Group Inc. increased its holdings of Incyte shares by 121.0% in the fourth quarter. Bessemer Group Inc. now owns 431 shares of the biopharmaceutical company valued at $ 37,000 after acquiring 236 additional shares during the last quarter. Compagnie Lombard Odier SCmA increased its stake in Incyte shares by 156.0% during the first quarter. Compagnie Lombard Odier SCmA now owns 640 shares of the biopharmaceutical company valued at $ 52,000 after acquiring 390 additional shares during the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings of Incyte shares by 74.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 614 shares of the biopharmaceutical company valued at $ 53,000 after acquiring 263 additional shares in the last quarter. Institutional investors and hedge funds hold 91.37% of the company’s shares.
Incyte Corporation, a biopharmaceutical company, is focused on the discovery, development and commercialization of proprietary therapeutics in the United States and around the world. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor for the treatment of adults; and ICLUSIG, a kinase inhibitor for treating chronic myeloid leukemia and Philadelphia chromosome positive acute lymphoblastic leukemia.
See also: How to invest in an index fund
This instant news alert was powered by narrative science technology and MarketBeat financial data to provide readers with the fastest, most accurate reports. This story was reviewed by the MarketBeat editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Featured article: Initial coin offering (ICO)
7 cloud computing stocks to take your portfolio to new heights
Cloud computing seems complicated, and it has become more sophisticated as it evolves. However, the basic idea behind the cloud is the same. The “cloud” is a euphemistic term for the provision of various services over the Internet. In its early days, the cloud was used exclusively for data storage. Here is a simple example of why this was important.
When the Internet was gaining ground, I was working in marketing communications. The need to comply with Total Quality Control Systems (TQCS) for our larger customers meant that we had to save every version of our files. All. Only. A. Now imagine that you are producing a 120 page product catalog with photos and graphics. Your hard drive burns just thinking about it. Yet this “data” had to be stored somewhere. So we had a virtual server farm to try and store all these graphics-intensive (and memory-sucking) files until we could archive them.
Aside from the storage nightmare, consider it a pain to work remotely. You could copy a file from the server, but were you working on the correct file then? I’m sure at least one person is reading this who remembers that pain.
The cloud takes that away. Cloud computing allows you to store files on a secure remote server that anyone can access anywhere they have an internet connection. But it became so much more than that. Cloud computing now provides businesses with a platform from which to build applications and software. If that sounds confusing, I hope to simplify it in this presentation. To help you understand which cloud computing stocks you might want to add to your portfolio, and we’ve created this special presentation. These are seven of the cloud computing stocks that will continue to grow with the industry.
Check out the “7 Cloud Computing Actions to Elevate Your Portfolio to New Heights.”