Janney Montgomery Scott LLC Lowers Stake in Incyte Co. (NASDAQ:INCY)

Janney Montgomery Scott LLC reduced its stake in shares of Incyte Co. (NASDAQ:INCY) by 9.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,556 shares of the biopharmaceutical company’s stock after selling 2,814 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Incyte were worth $1,755,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. V Square Quantitative Management LLC raised its holdings in shares of Incyte by 4.1% in the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock valued at $262,000 after acquiring an additional 155 shares in the last quarter. Deseret Mutual Benefit Administrators raised its holdings in shares of Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after acquiring an additional 164 shares in the last quarter. Moody National Bank Trust Division raised its holdings in shares of Incyte by 1.3% in the second quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock valued at $861,000 after acquiring an additional 179 shares in the last quarter. Ballentine Partners LLC raised its holdings in shares of Incyte by 4.0% in the second quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock valued at $287,000 after acquiring an additional 182 shares in the last quarter. Finally, Tectonic Advisors LLC raised its holdings in shares of Incyte by 1.6% in the third quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company’s stock valued at $819,000 after acquiring an additional 190 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Price Performance

Shares of NASDAQ INCY opened at $80.48 on Thursday. The business’s 50 day moving average price is $68.08 and its 200 day moving average price is $63.36. The firm has a market cap of $15.50 billion, a P/E ratio of 574.90, a P/E/G ratio of 9.29 and a beta of 0.71. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. Incyte’s quarterly revenue was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. On average, sell-side analysts expect that Incyte Co. will post 0.4 earnings per share for the current year.

Insider Activity at Incyte

In related news, insider Thomas Tray sold 572 shares of the company’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 sale, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the sale, the executive vice president now owns 58,042 shares in the company, valued at approximately $4,624,786.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Thomas Tray sold 572 shares of the company’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 completion of the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,702 shares of company stock worth $856,166 over the last quarter. Insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

INCY has been the subject of several recent research reports. William Blair restated an “outperform” rating on shares of Incyte in a report on Monday, September 9th. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. BMO Capital Markets reiterated an “underperform” rating and issued a $52.00 target price (up from $48.00) on shares of Incyte in a report on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on shares of Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley boosted their target price on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and an average price target of $76.74.

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.