Summit Global Investments Invests $3.23 Million in Incyte Co. (NASDAQ:INCY)

Summit Global Investments purchased a new position in shares of Incyte Co. (NASDAQ:INCY - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 53,291 shares of the biopharmaceutical company's stock, valued at approximately $3,227,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in INCY. Norges Bank purchased a new stake in Incyte during the 4th quarter worth $121,890,000. AQR Capital Management LLC increased its stake in Incyte by 29.7% during the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock worth $241,519,000 after buying an additional 801,090 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Incyte by 861.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock worth $61,587,000 after buying an additional 798,877 shares during the period. Sound Shore Management Inc. CT increased its stake in Incyte by 98.4% during the 4th quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company's stock worth $82,959,000 after buying an additional 595,741 shares during the period. Finally, Pictet Asset Management Holding SA increased its stake in Incyte by 73.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock worth $90,749,000 after buying an additional 556,218 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Guggenheim lowered shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 target price on the stock. in a research note on Tuesday, March 18th. Truist Financial lifted their price target on Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research note on Tuesday, May 27th. William Blair downgraded Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. Wells Fargo & Company lifted their price target on Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Finally, Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $73.60.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the transaction, the executive vice president now directly owns 25,848 shares of the company's stock, valued at $1,809,101.52. The trade was a 2.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the company's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the sale, the executive vice president now directly owns 33,567 shares of the company's stock, valued at approximately $2,272,150.23. This represents a 37.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.80% of the stock is currently owned by company insiders.

Incyte Stock Performance

Shares of NASDAQ INCY traded down $0.79 during midday trading on Friday, hitting $65.25. The company's stock had a trading volume of 3,737,618 shares, compared to its average volume of 2,289,471. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The firm's fifty day moving average price is $60.80 and its 200-day moving average price is $67.43. The firm has a market cap of $12.63 billion, a P/E ratio of 241.68, a P/E/G ratio of 0.41 and a beta of 0.68. Incyte Co. has a 1-year low of $53.56 and a 1-year high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $996.17 million. Incyte had a net margin of 0.77% and a return on equity of 0.05%. Incyte's revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.64 EPS. On average, sell-side analysts forecast that Incyte Co. will post 4.86 EPS for the current fiscal year.

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.