Allstate Corp Buys 6,189 Shares of Incyte Corporation $INCY

Allstate Corp boosted its stake in Incyte Corporation (NASDAQ:INCY) by 105.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,047 shares of the biopharmaceutical company’s stock after purchasing an additional 6,189 shares during the period. Allstate Corp’s holdings in Incyte were worth $1,190,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. AustralianSuper Pty Ltd acquired a new position in Incyte in the 3rd quarter valued at approximately $18,085,000. Nordea Investment Management AB increased its position in Incyte by 941.8% in the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock valued at $31,874,000 after acquiring an additional 291,293 shares during the period. Toth Financial Advisory Corp bought a new position in Incyte during the fourth quarter worth $1,213,000. Fairvoy Private Wealth LLC lifted its holdings in Incyte by 468.8% in the fourth quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock valued at $2,980,000 after buying an additional 24,865 shares during the period. Finally, Cookson Peirce & Co. Inc. bought a new stake in Incyte during the third quarter valued at $961,000. Institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Barclays restated an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Jefferies Financial Group cut shares of 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 report on Monday, March 16th. Weiss Ratings upgraded shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Citigroup reiterated a “buy” rating on shares of Incyte in a report on Thursday, May 21st. Finally, Sanford C. Bernstein began coverage on shares of Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target on the stock. Ten investment 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $104.00.

Incyte Stock Performance

Incyte stock opened at $96.74 on Friday. The firm’s 50 day simple moving average is $95.84 and its 200 day simple moving average is $99.39. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $19.33 billion, a PE ratio of 13.66, a price-to-earnings-growth ratio of 0.93 and a beta of 0.79. Incyte Corporation has a 1-year low of $63.92 and a 1-year high of $112.29.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating the consensus estimate of $1.38 by $0.43. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.16 EPS. As a group, analysts expect that Incyte Corporation will post 6.74 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated 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 sale, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

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.