Commerce Bank Makes New $610,000 Investment in Incyte Co. (NASDAQ:INCY)

Commerce Bank acquired a new stake in Incyte Co. (NASDAQ:INCY) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 9,221 shares of the biopharmaceutical company’s stock, valued at approximately $610,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bessemer Group Inc. lifted its stake in Incyte by 36.6% in the first quarter. Bessemer Group Inc. now owns 1,314 shares of the biopharmaceutical company’s stock valued at $75,000 after acquiring an additional 352 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Incyte by 8.5% in the 1st quarter. Advisors Asset Management Inc. now owns 23,983 shares of the biopharmaceutical company’s stock valued at $1,366,000 after purchasing an additional 1,869 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Incyte by 15.0% during the first quarter. Lazard Asset Management LLC now owns 72,727 shares of the biopharmaceutical company’s stock worth $4,143,000 after purchasing an additional 9,477 shares during the period. Bayesian Capital Management LP acquired a new position in Incyte during the first quarter worth approximately $1,040,000. Finally, Kennedy Capital Management LLC bought a new stake in Incyte in the first quarter valued at approximately $463,000. 96.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Wells Fargo & Company upped their price objective on shares of Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $68.00 to $90.00 in a report on Tuesday, October 29th. Finally, Guggenheim increased their price target on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Incyte presently has an average rating of “Hold” and an average target price of $77.16.

Incyte Stock Performance

INCY opened at $73.52 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. Incyte Co. has a 52-week low of $50.35 and a 52-week high of $83.95. The firm has a market cap of $14.16 billion, a P/E ratio of 525.18, a price-to-earnings-growth ratio of 8.27 and a beta of 0.71. The business’s fifty day moving average is $70.04 and its 200-day moving average is $64.69.

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). The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The company’s quarterly revenue was up 23.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 earnings per share. Sell-side analysts expect that Incyte Co. will post 0.4 EPS for the current fiscal year.

Insider Buying and Selling

In other Incyte news, insider Thomas Tray sold 572 shares of the company’s 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 completion of the sale, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. This represents a 2.25 % decrease in their ownership of the stock. 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 3,680 shares of Incyte stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the transaction, the executive vice president now owns 58,042 shares in the company, valued at approximately $4,624,786.56. The trade was a 5.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,702 shares of company stock worth $856,166. Corporate insiders own 17.60% of the company’s stock.

Incyte 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.