Empowered Funds LLC Reduces Stock Position in Incyte Co. (NASDAQ:INCY)

Empowered Funds LLC lessened its holdings in shares of Incyte Co. (NASDAQ:INCY) by 79.8% during the third quarter, Holdings Channel reports. The firm owned 22,081 shares of the biopharmaceutical company’s stock after selling 87,378 shares during the quarter. Empowered Funds LLC’s holdings in Incyte were worth $1,460,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. MFA Wealth Advisors LLC purchased a new stake in shares of Incyte in the 2nd quarter worth about $26,000. Innealta Capital LLC purchased a new stake in shares of Incyte in the 2nd quarter worth approximately $32,000. Cromwell Holdings LLC increased its position in Incyte by 101.1% during the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 283 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in Incyte during the second quarter valued at $36,000. Finally, Deseret Mutual Benefit Administrators boosted its holdings in Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 164 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

INCY has been the subject of several recent analyst reports. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and upped their target price for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. Citigroup raised their price target on shares of Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their price objective on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Finally, Wells Fargo & Company boosted their price target on Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $77.16.

Incyte Price Performance

NASDAQ INCY opened at $70.45 on Friday. The business’s fifty day moving average is $69.73 and its 200 day moving average is $64.28. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. The company has a market capitalization of $13.57 billion, a PE ratio of 503.25, a price-to-earnings-growth ratio of 8.14 and a beta of 0.71.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the firm posted $0.91 earnings per share. The company’s revenue was up 23.8% compared to the same quarter last year. Sell-side analysts predict that Incyte Co. will post 0.4 earnings per share for the current year.

Insider Activity

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The trade was a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,702 shares of company stock worth $856,166 in the last three months. Company insiders own 17.60% 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.