Raymond James & Associates Boosts Stock Position in Incyte Co. (NASDAQ:INCY)

Raymond James & Associates lifted its position in Incyte Co. (NASDAQ:INCY) by 783.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 34,790 shares of the biopharmaceutical company’s stock after buying an additional 30,852 shares during the quarter. Raymond James & Associates’ holdings in Incyte were worth $2,109,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cape Investment Advisory Inc. purchased a new stake in Incyte during the 4th quarter worth about $25,000. Redmont Wealth Advisors LLC purchased a new stake in Incyte during the 1st quarter worth about $28,000. Riverview Trust Co purchased a new stake in Incyte during the 1st quarter worth about $29,000. Fidelis Capital Partners LLC purchased a new stake in Incyte during the 1st quarter worth about $32,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Incyte by 597.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 635 shares of the biopharmaceutical company’s stock worth $40,000 after purchasing an additional 544 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on INCY. Citigroup upped their price target on Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Oppenheimer decreased their target price on Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Royal Bank of Canada increased their price target on shares of Incyte from $66.00 to $67.00 and gave the company a “sector perform” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Incyte currently has an average rating of “Hold” and a consensus price target of $73.29.

Insider Activity at Incyte

In other Incyte news, insider Thomas Tray sold 1,093 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total transaction of $64,388.63. Following the transaction, the insider now owns 21,634 shares in the company, valued at approximately $1,274,458.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Thomas Tray sold 1,093 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total transaction of $64,388.63. Following the sale, the insider now owns 21,634 shares in the company, valued at $1,274,458.94. The disclosure for this sale can be found here. Insiders sold a total of 45,282 shares of company stock worth $2,876,911 over the last 90 days. Company insiders own 17.50% of the company’s stock.

Incyte Trading Down 0.4 %

NASDAQ:INCY opened at $65.66 on Tuesday. Incyte Co. has a 12-month low of $50.27 and a 12-month high of $70.36. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. The stock’s 50 day simple moving average is $63.25 and its 200-day simple moving average is $59.33. The firm has a market cap of $12.65 billion, a P/E ratio of 19.90, a PEG ratio of 5.23 and a beta of 0.73.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 earnings per share. Equities analysts anticipate that Incyte Co. will post 0.67 EPS for the current year.

Incyte Profile

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.