Freedom Investment Management Inc. Takes Position in Incyte Co. (NASDAQ:INCY)

Freedom Investment Management Inc. bought a new position in Incyte Co. (NASDAQ:INCY) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 16,092 shares of the biopharmaceutical company’s stock, valued at approximately $1,064,000.

Other hedge funds have also added to or reduced their stakes in the company. MFA Wealth Advisors LLC bought a new position in shares of Incyte during the second quarter valued at about $26,000. Brooklyn Investment Group bought a new position in Incyte during the 3rd quarter worth approximately $30,000. Innealta Capital LLC bought a new position in Incyte during the 2nd quarter worth approximately $32,000. Itau Unibanco Holding S.A. bought a new stake in Incyte in the second quarter valued at approximately $36,000. Finally, Deseret Mutual Benefit Administrators lifted its position 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 last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Trading Up 0.9 %

Incyte stock opened at $75.45 on Thursday. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The business’s fifty day simple moving average is $70.41 and its two-hundred day simple moving average is $64.92. The company has a market capitalization of $14.54 billion, a price-to-earnings ratio of 538.93, a price-to-earnings-growth ratio of 8.48 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 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period last year, the company posted $0.91 earnings per share. As a group, equities analysts predict that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction dated 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 sale, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. This trade represents a 2.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the transaction, the executive vice president now owns 58,042 shares in the company, valued at $4,624,786.56. This represents a 5.96 % 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 over the last 90 days. 17.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

INCY has been the topic of several analyst reports. Wells Fargo & Company lifted their target price on shares of Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. BMO Capital Markets reaffirmed an “underperform” rating and set a $52.00 price objective (up from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Truist Financial reaffirmed 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, Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $77.16.

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.