Trust Point Inc. Trims Position in Incyte Co. (NASDAQ:INCY)

Trust Point Inc. cut its holdings in shares of Incyte Co. (NASDAQ:INCY) by 19.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,126 shares of the biopharmaceutical company’s stock after selling 762 shares during the quarter. Trust Point Inc.’s holdings in Incyte were worth $207,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in shares of Incyte by 48.8% during the 4th quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock valued at $8,266,000 after purchasing an additional 43,160 shares in the last quarter. FORVIS Wealth Advisors LLC purchased a new position in shares of Incyte during the 1st quarter valued at approximately $1,495,000. ProShare Advisors LLC increased its holdings in shares of Incyte by 14.4% during the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock valued at $3,594,000 after purchasing an additional 7,925 shares in the last quarter. Kennedy Capital Management LLC purchased a new position in shares of Incyte during the 1st quarter valued at approximately $463,000. Finally, Diversified Trust Co increased its holdings in shares of Incyte by 123.7% during the 1st quarter. Diversified Trust Co now owns 36,062 shares of the biopharmaceutical company’s stock valued at $2,054,000 after purchasing an additional 19,944 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Down 0.1 %

NASDAQ INCY opened at $66.39 on Monday. 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’s fifty day simple moving average is $64.79 and its 200-day simple moving average is $60.94. The firm has a market cap of $14.91 billion, a PE ratio of 20.12, a P/E/G ratio of 5.30 and a beta of 0.73.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Truist Financial reaffirmed a “hold” rating and set a $74.00 target price (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Oppenheimer dropped their price target on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Guggenheim lifted their price target on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Bank of America lifted their price target on shares of Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Finally, Citigroup lifted their price target on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and an average price target of $73.21.

Insider Activity at Incyte

In related news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,593 shares of company stock worth $1,652,914. Company insiders own 17.50% of the company’s stock.

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.