Federated Hermes Inc. Acquires 23,462 Shares of Incyte Corporation $INCY

Federated Hermes Inc. raised its holdings in Incyte Corporation (NASDAQ:INCY) by 4.2% during the third quarter, HoldingsChannel.com reports. The fund owned 586,615 shares of the biopharmaceutical company’s stock after purchasing an additional 23,462 shares during the period. Federated Hermes Inc.’s holdings in Incyte were worth $49,751,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of INCY. Harbor Capital Advisors Inc. acquired a new stake in shares of Incyte in the 3rd quarter valued at approximately $26,000. FNY Investment Advisers LLC acquired a new position in Incyte during the 2nd quarter worth approximately $27,000. Root Financial Partners LLC bought a new position in Incyte in the 3rd quarter valued at approximately $28,000. Quent Capital LLC acquired a new stake in Incyte in the third quarter valued at approximately $30,000. Finally, MUFG Securities EMEA plc bought a new stake in shares of Incyte during the second quarter worth $32,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Buying and Selling

In other Incyte news, EVP Steven H. Stein sold 20,105 shares of the company’s 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 sale, the executive vice president owned 63,129 shares of the company’s stock, valued at approximately $6,471,353.79. This represents a 24.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael James Morrissey sold 4,323 shares of the stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total value of $420,454.98. Following the sale, the executive vice president owned 27,507 shares of the company’s stock, valued at approximately $2,675,330.82. The trade was a 13.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 98,897 shares of company stock worth $9,869,376. Corporate insiders own 17.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on INCY. Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. TD Cowen reiterated a “buy” rating on shares of Incyte in a research report on Tuesday, January 13th. Guggenheim raised Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Monday, November 3rd. Stifel Nicolaus set a $119.00 price objective on Incyte in a research note on Monday, January 5th. Finally, Truist Financial set a $103.00 target price on shares of Incyte in a research report on Wednesday, December 24th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $100.75.

Incyte Price Performance

Shares of INCY opened at $101.08 on Friday. The business has a 50-day moving average of $101.93 and a 200-day moving average of $91.54. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. The company has a market capitalization of $19.84 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 0.60 and a beta of 0.82. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $112.29.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, beating the consensus estimate of $1.65 by $0.61. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the prior year, the business posted $1.07 earnings per share. The firm’s revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts anticipate that Incyte Corporation will post 4.86 earnings per share for the current year.

About Incyte

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.