Advisors Asset Management Inc. Increases Stock Holdings in Incyte Co. (NASDAQ:INCY)

Advisors Asset Management Inc. lifted its holdings in shares of Incyte Co. (NASDAQ:INCY) by 2.6% during the 3rd quarter, Holdings Channel reports. The firm owned 15,244 shares of the biopharmaceutical company’s stock after buying an additional 386 shares during the period. Advisors Asset Management Inc.’s holdings in Incyte were worth $1,008,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MFA Wealth Advisors LLC acquired a new stake in Incyte during the 2nd quarter worth approximately $26,000. Innealta Capital LLC purchased a new stake in shares of Incyte during the second quarter worth $32,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Incyte in the second quarter valued at $36,000. 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 valued at $37,000 after purchasing an additional 164 shares during the period. Finally, Cromwell Holdings LLC increased its holdings in Incyte by 101.1% during the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 283 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ: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 one year low of $50.35 and a one year high of $83.95. The company has a 50-day simple moving average of $70.04 and a 200-day simple moving average of $64.69. The stock has a market capitalization of $14.16 billion, a price-to-earnings ratio of 525.18, a PEG ratio of 8.27 and a beta of 0.71.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on INCY. Truist Financial reiterated a “hold” rating and issued a $74.00 price objective (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a report on Tuesday, November 19th. Finally, Morgan Stanley lifted their price target on 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 assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $77.16.

Insider Activity at Incyte

In related news, EVP Barry P. Flannelly sold 3,680 shares of Incyte 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 directly owns 58,042 shares in the company, valued at $4,624,786.56. The trade was a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas Tray sold 572 shares of the stock in a transaction 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 transaction, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The trade was a 2.25 % 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 in the last three months. Insiders own 17.60% of the company’s stock.

About Incyte

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.