Mackenzie Financial Corp Reduces Stock Position in Incyte Co. (NASDAQ:INCY)

Mackenzie Financial Corp trimmed its stake in shares of Incyte Co. (NASDAQ:INCY) by 3.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 381,704 shares of the biopharmaceutical company’s stock after selling 12,115 shares during the period. Mackenzie Financial Corp’s holdings in Incyte were worth $23,139,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of INCY. MFA Wealth Advisors LLC acquired a new position in Incyte during the second quarter worth $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Incyte in the first quarter valued at $28,000. Riverview Trust Co purchased a new position in shares of Incyte in the first quarter valued at $29,000. Innealta Capital LLC acquired a new position in shares of Incyte during the 2nd quarter worth $32,000. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Incyte in the 1st quarter worth about $32,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Trading Up 1.1 %

NASDAQ INCY opened at $65.83 on Friday. The company has a 50-day moving average of $64.31 and a 200-day moving average of $59.96. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. Incyte Co. has a 12 month low of $50.27 and a 12 month high of $70.36. The company has a market cap of $14.78 billion, a P/E ratio of 19.95, a P/E/G ratio of 5.17 and a beta of 0.73.

Incyte (NASDAQ:INCY) last issued 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 analyst estimates of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period last year, the company posted $0.77 EPS. As a group, equities analysts predict that Incyte Co. will post 0.66 earnings per share for the current year.

Analysts Set New Price Targets

INCY has been the subject of a number of research reports. Guggenheim lifted their target price on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. William Blair restated an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. Deutsche Bank Aktiengesellschaft upped their target price on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Truist Financial reissued 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. Finally, Citigroup upped their price objective on Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average target price of $73.24.

Insider Transactions at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was 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 of the company’s stock, valued at $2,569,070. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 36,701 shares in the company, valued at approximately $2,569,070. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock worth $2,225,626 in the last ninety days. 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.