M&T Bank Corp Sells 152 Shares of Incyte Co. (NASDAQ:INCY)

M&T Bank Corp cut its stake in Incyte Co. (NASDAQ:INCY) by 1.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,872 shares of the biopharmaceutical company’s stock after selling 152 shares during the period. M&T Bank Corp’s holdings in Incyte were worth $785,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. MFA Wealth Advisors LLC bought a new position in Incyte in the 2nd quarter worth approximately $26,000. Brooklyn Investment Group acquired a new stake in shares of Incyte in the 3rd quarter valued at $30,000. Innealta Capital LLC bought a new stake in shares of Incyte during the second quarter worth $32,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte during the third quarter valued at $33,000. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Incyte during the second quarter valued at $36,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of research reports. Oppenheimer lifted their price objective on Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lifted their price target on shares of Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. 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, William Blair reissued an “outperform” rating on shares of Incyte in a research note on Friday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Incyte presently has an average rating of “Hold” and an average price target of $76.13.

Insider Buying and Selling

In other news, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the sale, the executive vice president now directly owns 30,658 shares in the company, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.60% of the company’s stock.

Incyte Trading Up 1.8 %

NASDAQ INCY opened at $69.80 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The stock’s 50-day moving average is $72.22 and its 200-day moving average is $66.40. Incyte Co. has a one year low of $50.35 and a one year high of $83.95. The firm has a market cap of $13.45 billion, a P/E ratio of 498.57, a P/E/G ratio of 8.36 and a beta of 0.69.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results 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 net margin of 0.80% and a negative return on equity of 0.63%. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the firm posted $0.91 EPS. The business’s quarterly revenue was up 23.8% compared to the same quarter last year. Sell-side analysts anticipate that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

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.