Incyte Co. (NASDAQ:INCY) Holdings Decreased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its position in shares of Incyte Co. (NASDAQ:INCY) by 9.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,641 shares of the biopharmaceutical company’s stock after selling 6,429 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Incyte were worth $3,737,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. MFA Wealth Advisors LLC bought a new position in shares of Incyte during the second quarter valued at approximately $26,000. Redmont Wealth Advisors LLC bought a new position in Incyte during the 1st quarter worth $28,000. Riverview Trust Co acquired a new stake in Incyte in the first quarter worth $29,000. Innealta Capital LLC bought a new stake in Incyte in the second quarter valued at $32,000. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Incyte during the first quarter valued at $32,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on INCY. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a report on Monday, September 16th. BMO Capital Markets reaffirmed an “underperform” rating and set a $48.00 price target (down previously from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. Citigroup increased their price objective on Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Bank of America raised their target price on Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Finally, Truist Financial reiterated a “hold” rating and set a $74.00 price target (down previously from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $73.83.

Incyte Stock Performance

NASDAQ:INCY opened at $67.63 on Thursday. The company has a 50-day moving average of $64.39 and a 200-day moving average of $60.14. The firm has a market cap of $15.19 billion, a price-to-earnings ratio of 20.49, a price-to-earnings-growth ratio of 5.17 and a beta of 0.73. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. Incyte Co. has a twelve month low of $50.27 and a twelve month high of $70.36.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.77 earnings per share. Analysts forecast that Incyte Co. will post 0.66 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In related news, EVP Vijay K. Iyengar sold 15,571 shares of the 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 owns 36,701 shares in the company, valued at approximately $2,569,070. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now owns 36,701 shares in the company, valued at approximately $2,569,070. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas Tray sold 572 shares of the firm’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 transaction of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock valued at $2,225,626 in the last three months. 17.50% of the stock is currently 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.