Edgestream Partners L.P. Acquires 39,478 Shares of Incyte Co. (NASDAQ:INCY)

Edgestream Partners L.P. lifted its holdings in Incyte Co. (NASDAQ:INCY) by 1,197.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,776 shares of the biopharmaceutical company’s stock after acquiring an additional 39,478 shares during the quarter. Edgestream Partners L.P.’s holdings in Incyte were worth $2,437,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cape Investment Advisory Inc. bought a new stake in shares of Incyte during the fourth quarter worth $25,000. Larson Financial Group LLC lifted its position in Incyte by 4,220.0% during the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 422 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in Incyte during the 1st quarter worth about $28,000. Riverview Trust Co acquired a new stake in Incyte in the 1st quarter valued at about $29,000. Finally, Turtle Creek Wealth Advisors LLC bought a new position in shares of Incyte in the fourth quarter worth about $31,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INCY has been the subject of a number of research reports. TD Cowen lowered their price target on shares of Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Royal Bank of Canada restated a “sector perform” rating and set a $65.00 target price on shares of Incyte in a research report on Monday, March 25th. Truist Financial reaffirmed a “buy” rating and set a $83.00 price target (down previously from $84.00) on shares of Incyte in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft initiated coverage on Incyte in a research report on Thursday, May 23rd. They issued a “hold” rating and a $55.00 price objective for the company. Finally, Oppenheimer reduced their target price on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus price target of $73.44.

Incyte Stock Down 0.7 %

Shares of INCY stock traded down $0.44 during trading on Tuesday, reaching $64.75. The company’s stock had a trading volume of 56,717 shares, compared to its average volume of 2,539,011. The company has a market cap of $14.54 billion, a price-to-earnings ratio of 19.75, a price-to-earnings-growth ratio of 1.38 and a beta of 0.73. Incyte Co. has a one year low of $50.27 and a one year high of $67.36. The business has a fifty day moving average price of $60.19 and a 200-day moving average price of $58.57. The company has a quick ratio of 3.43, a current ratio of 3.47 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.31). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The company had revenue of $880.89 million for the quarter, compared to the consensus estimate of $935.85 million. Analysts anticipate that Incyte Co. will post 3.66 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Thomas Tray sold 1,093 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the transaction, the insider now directly owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Barry P. Flannelly sold 8,148 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the transaction, the executive vice president now directly owns 50,534 shares of the company’s stock, valued at $3,032,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas Tray sold 1,093 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the sale, the insider now directly owns 21,634 shares in the company, valued at $1,274,458.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,711 shares of company stock worth $1,786,941. Insiders own 17.50% 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.