Federated Hermes Inc. Decreases Stake in Incyte Corporation $INCY

Federated Hermes Inc. cut its stake in Incyte Corporation (NASDAQ:INCY) by 20.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 563,153 shares of the biopharmaceutical company’s stock after selling 147,222 shares during the period. Federated Hermes Inc. owned 0.29% of Incyte worth $38,351,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Banque Transatlantique SA acquired a new stake in shares of Incyte during the first quarter worth $26,000. FNY Investment Advisers LLC acquired a new position in shares of Incyte in the 2nd quarter valued at $27,000. Hilltop National Bank purchased a new position in Incyte in the 2nd quarter worth $37,000. SVB Wealth LLC acquired a new stake in Incyte during the 1st quarter worth about $39,000. Finally, Geneos Wealth Management Inc. grew its stake in Incyte by 350.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 588 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Down 5.7%

INCY stock opened at $96.70 on Tuesday. The firm has a market cap of $18.98 billion, a PE ratio of 16.20, a P/E/G ratio of 0.70 and a beta of 0.81. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20. The firm’s fifty day moving average is $96.17 and its 200 day moving average is $82.84. Incyte Corporation has a one year low of $53.56 and a one year high of $109.28.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.61. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the prior year, the firm posted $1.07 earnings per share. The company’s revenue was up 20.0% compared to the same quarter last year. On average, research analysts forecast that Incyte Corporation will post 4.86 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on INCY shares. Morgan Stanley raised their price objective on Incyte from $86.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday. JPMorgan Chase & Co. lifted their price objective on shares of Incyte from $73.00 to $89.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Incyte in a report on Wednesday, October 8th. Wall Street Zen raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 1st. Finally, Guggenheim upgraded shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research report on Monday, November 3rd. Eight equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Incyte has an average rating of “Hold” and a consensus target price of $99.07.

Insider Buying and Selling

In other news, EVP Lee Heeson sold 3,074 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $94.02, for a total transaction of $289,017.48. Following the completion of the transaction, the executive vice president directly owned 29,241 shares of the company’s stock, valued at $2,749,238.82. This represents a 9.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Steven H. Stein sold 20,105 shares of Incyte stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total transaction of $2,060,963.55. Following the completion of the sale, the executive vice president directly owned 63,129 shares in the company, valued at $6,471,353.79. This represents a 24.15% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 26,891 shares of company stock valued at $2,720,766. 17.80% of the stock is owned by company insiders.

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.