Burney Co. Buys Shares of 22,200 Incyte Corporation $INCY

Burney Co. purchased a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 22,200 shares of the biopharmaceutical company’s stock, valued at approximately $1,883,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Raymond James Financial Inc. grew its stake in Incyte by 33.0% in the first quarter. Raymond James Financial Inc. now owns 69,762 shares of the biopharmaceutical company’s stock valued at $4,224,000 after purchasing an additional 17,313 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Incyte by 8.8% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 8,509 shares of the biopharmaceutical company’s stock valued at $515,000 after buying an additional 686 shares during the last quarter. Corebridge Financial Inc. grew its stake in shares of Incyte by 9.3% in the 1st quarter. Corebridge Financial Inc. now owns 43,250 shares of the biopharmaceutical company’s stock valued at $2,619,000 after buying an additional 3,690 shares in the last quarter. CreativeOne Wealth LLC grew its stake in shares of Incyte by 109.8% in the 1st quarter. CreativeOne Wealth LLC now owns 18,502 shares of the biopharmaceutical company’s stock valued at $1,120,000 after buying an additional 9,685 shares in the last quarter. Finally, State of Wyoming acquired a new position in Incyte in the first quarter worth approximately $641,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Incyte

In other news, EVP Steven H. Stein sold 20,105 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the sale, the executive vice president owned 63,129 shares in the company, valued at approximately $6,471,353.79. This trade represents a 24.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Sheila A. Denton sold 598 shares of the business’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total transaction of $60,613.28. Following the transaction, the executive vice president directly owned 26,569 shares in the company, valued at $2,693,033.84. This trade represents a 2.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 88,318 shares of company stock worth $8,708,893. Insiders own 17.80% of the company’s stock.

Incyte Stock Performance

NASDAQ:INCY opened at $100.11 on Friday. The firm has a market capitalization of $19.65 billion, a PE ratio of 16.77, a PEG ratio of 0.68 and a beta of 0.81. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $109.28. The company has a current ratio of 3.20, a quick ratio of 3.13 and a debt-to-equity ratio of 0.01. The firm’s fifty day simple moving average is $99.59 and its 200 day simple moving average is $85.84.

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

Analyst Ratings Changes

Several analysts have commented on INCY shares. Morgan Stanley boosted their target price on shares of Incyte from $86.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Monday, December 8th. Barclays lifted their price objective on shares of Incyte from $101.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday, November 24th. Oppenheimer cut shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Zacks Research lowered Incyte from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Finally, Mizuho set a $121.00 price target on Incyte and gave the stock an “outperform” rating in a research report on Monday, December 8th. Eight analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $99.79.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.