RFG Advisory LLC Lowers Stock Holdings in Incyte Corporation $INCY

RFG Advisory LLC lessened its position in Incyte Corporation (NASDAQ:INCY) by 68.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,675 shares of the biopharmaceutical company’s stock after selling 5,791 shares during the quarter. RFG Advisory LLC’s holdings in Incyte were worth $252,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of INCY. Norges Bank purchased a new position in shares of Incyte in the fourth quarter valued at approximately $122,893,000. Caisse de depot et placement du Quebec lifted its holdings in Incyte by 264.5% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after buying an additional 1,087,091 shares in the last quarter. Marshall Wace LLP lifted its holdings in Incyte by 6,586.4% during the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock worth $105,930,000 after buying an additional 1,056,451 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Incyte by 3,406.8% in the fourth quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after acquiring an additional 718,294 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Incyte by 5,218.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after acquiring an additional 585,618 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the sale, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ INCY opened at $113.81 on Thursday. The stock’s 50-day simple moving average is $100.32 and its 200-day simple moving average is $99.58. The firm has a market capitalization of $22.74 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 1.03 and a beta of 0.75. Incyte Corporation has a fifty-two week low of $66.85 and a fifty-two week high of $116.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.16 earnings per share. As a group, equities research analysts forecast that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

INCY has been the topic of several analyst reports. Jefferies Financial Group cut Incyte from a “buy” rating to a “hold” rating and reduced their price objective for the company from $120.00 to $94.00 in a research note on Monday, March 16th. HC Wainwright restated a “buy” rating and set a $140.00 price target on shares of Incyte in a report on Wednesday, June 24th. BMO Capital Markets raised Incyte from an “underperform” rating to a “market perform” rating and increased their price target for the company from $75.00 to $94.00 in a research report on Monday, June 22nd. Oppenheimer reiterated a “market perform” rating and issued a $107.00 price objective on shares of Incyte in a research note on Monday, June 8th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Incyte in a research report on Monday. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $107.85.

Incyte 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.