Incyte Co. (NASDAQ:INCY) Shares Sold by Palouse Capital Management Inc.

Palouse Capital Management Inc. trimmed its stake in shares of Incyte Co. (NASDAQ:INCY) by 1.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,610 shares of the biopharmaceutical company’s stock after selling 313 shares during the quarter. Palouse Capital Management Inc.’s holdings in Incyte were worth $1,189,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cape Investment Advisory Inc. acquired a new stake in shares of Incyte during the fourth quarter worth $25,000. MFA Wealth Advisors LLC purchased a new position in Incyte during the 2nd quarter worth $26,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Incyte in the 1st quarter worth $28,000. Riverview Trust Co purchased a new stake in shares of Incyte in the first quarter valued at about $29,000. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Incyte during the first quarter worth about $32,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Trading Down 1.9 %

Shares of INCY opened at $65.17 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. Incyte Co. has a 1-year low of $50.27 and a 1-year high of $70.36. The stock has a market cap of $14.63 billion, a price-to-earnings ratio of 19.75, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73. The firm has a 50 day simple moving average of $64.23 and a 200-day simple moving average of $59.70.

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

Analyst Ratings Changes

INCY has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. BMO Capital Markets reissued an “underperform” rating and issued a $48.00 price target (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. Guggenheim upped their price objective on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday. Bank of America raised their target price on Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $73.24.

Insider Buying and Selling

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the transaction, the executive vice president now directly owns 36,701 shares in the company, valued at approximately $2,569,070. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the business’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 transaction, the executive vice president now directly owns 36,701 shares in the company, valued at approximately $2,569,070. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 1,306 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total value of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $3,725,715.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is owned by corporate insiders.

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.