53,291 Shares in Incyte Co. (NASDAQ:INCY) Purchased by Summit Global Investments

Summit Global Investments bought a new stake in Incyte Co. (NASDAQ:INCY) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 53,291 shares of the biopharmaceutical company’s stock, valued at approximately $3,227,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Wells Fargo & Company MN grew its holdings in shares of Incyte by 61.3% in the 4th quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company’s stock valued at $12,031,000 after buying an additional 66,220 shares during the period. JPMorgan Chase & Co. lifted its stake in Incyte by 13.5% in the fourth quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company’s stock valued at $22,354,000 after buying an additional 38,550 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Incyte by 73.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company’s stock valued at $90,749,000 after buying an additional 556,218 shares during the period. Tandem Financial LLC bought a new stake in shares of Incyte during the fourth quarter worth $358,000. Finally, Commonwealth Equity Services LLC increased its position in shares of Incyte by 2.6% during the fourth quarter. Commonwealth Equity Services LLC now owns 30,527 shares of the biopharmaceutical company’s stock worth $2,109,000 after acquiring an additional 782 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Insider Activity at Incyte

In other news, EVP Sheila A. Denton sold 599 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now owns 25,848 shares in the company, valued at $1,809,101.52. The trade was a 2.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the transaction, the executive vice president now owns 33,567 shares in the company, valued at approximately $2,272,150.23. This trade represents a 37.11% decrease in their position. The disclosure for this sale can be found here. 17.80% of the stock is owned by company insiders.

Incyte Stock Up 1.7%

INCY opened at $66.04 on Friday. The stock’s fifty day simple moving average is $60.74 and its 200 day simple moving average is $67.62. Incyte Co. has a 1-year low of $53.56 and a 1-year high of $83.95. The stock has a market cap of $12.78 billion, a PE ratio of 244.60, a price-to-earnings-growth ratio of 0.41 and a beta of 0.68. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.01 by $0.15. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $996.17 million. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The company’s quarterly revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.64 earnings per share. As a group, research analysts expect that Incyte Co. will post 4.86 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on INCY shares. Stifel Nicolaus upped their target price on shares of Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research note on Monday, February 10th. Morgan Stanley cut their price objective on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, March 24th. William Blair lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 18th. Royal Bank of Canada increased their price objective on shares of Incyte from $64.00 to $67.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 30th. Finally, Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $73.60.

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.