Kayne Anderson Rudnick Investment Management LLC Purchases 23,747 Shares of Incyte Co. (NASDAQ:INCY)

Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Incyte Co. (NASDAQ:INCY) by 413.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,494 shares of the biopharmaceutical company’s stock after purchasing an additional 23,747 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Incyte were worth $1,788,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Incyte by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after buying an additional 196,440 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after acquiring an additional 779,243 shares during the period. LSV Asset Management lifted its stake in shares of Incyte by 0.5% in the second quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock worth $167,911,000 after acquiring an additional 15,115 shares during the period. Pacer Advisors Inc. increased its position in Incyte by 17,460.4% during the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after purchasing an additional 2,676,851 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in Incyte by 7.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,514,634 shares of the biopharmaceutical company’s stock valued at $143,259,000 after purchasing an additional 177,852 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Buying and Selling

In other news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 1,306 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the transaction, the executive vice president now owns 58,042 shares of the company’s stock, valued at approximately $3,725,715.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is owned by insiders.

Incyte Stock Performance

Shares of Incyte stock opened at $64.12 on Tuesday. Incyte Co. has a 52 week low of $50.27 and a 52 week high of $70.36. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average price of $64.36 and a 200-day moving average price of $59.84. The company has a market cap of $14.40 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data 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 net margin of 2.52% and a return on equity of 0.75%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the business posted $0.77 earnings per share. Incyte’s revenue was up 9.3% on a year-over-year basis. Equities analysts anticipate that Incyte Co. will post 0.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. upped their price target 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. Guggenheim lifted their price objective on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Bank of America boosted their price objective on Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Finally, JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte has a consensus rating of “Hold” and a consensus price target of $73.24.

Incyte Company 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.