Redmont Wealth Advisors LLC Takes Position in Incyte Co. (NASDAQ:INCY)

Redmont Wealth Advisors LLC purchased a new stake in shares of Incyte Co. (NASDAQ:INCY) during the 1st quarter, HoldingsChannel reports. The fund purchased 500 shares of the biopharmaceutical company’s stock, valued at approximately $28,000.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Incyte by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 22,519,381 shares of the biopharmaceutical company’s stock worth $1,413,992,000 after acquiring an additional 359,962 shares during the last quarter. LSV Asset Management grew its holdings in shares of Incyte by 119.6% in the 4th quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock worth $169,020,000 after acquiring an additional 1,465,792 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Incyte by 17.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,085,465 shares of the biopharmaceutical company’s stock worth $120,477,000 after acquiring an additional 313,731 shares during the last quarter. Norges Bank acquired a new position in shares of Incyte in the 4th quarter worth $123,253,000. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Incyte by 37.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,570,296 shares of the biopharmaceutical company’s stock valued at $98,599,000 after buying an additional 424,934 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Barry P. Flannelly sold 19,164 shares of Incyte stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total value of $1,149,840.00. Following the transaction, the executive vice president now directly owns 66,377 shares in the company, valued at $3,982,620. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the transaction, the insider now directly owns 21,634 shares in the company, valued at $1,274,458.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 19,164 shares of Incyte stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total value of $1,149,840.00. Following the completion of the transaction, the executive vice president now owns 66,377 shares in the company, valued at $3,982,620. The disclosure for this sale can be found here. Insiders own 17.50% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $57.66 on Thursday. Incyte Co. has a fifty-two week low of $50.27 and a fifty-two week high of $67.36. The business has a 50-day moving average of $57.73 and a two-hundred day moving average of $58.66. The stock has a market capitalization of $12.95 billion, a P/E ratio of 17.47, a P/E/G ratio of 1.27 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.43.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.31). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The company had revenue of $880.89 million during the quarter, compared to analyst estimates of $935.85 million. On average, equities research analysts predict that Incyte Co. will post 3.57 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Bank of America lowered their price target on Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. Truist Financial reiterated a “buy” rating and set a $83.00 price target (down previously from $84.00) on shares of Incyte in a report on Wednesday, May 1st. StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. Oppenheimer lowered their price target on Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a report on Wednesday, April 24th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Incyte in a report on Thursday, May 23rd. They set a “hold” rating and a $55.00 price target on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $73.44.

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.