Incyte Corporation (NASDAQ:INCY) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. reduced its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 66.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,326 shares of the biopharmaceutical company's stock after selling 32,765 shares during the period. Bessemer Group Inc.'s holdings in Incyte were worth $989,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Quintet Private Bank Europe S.A. acquired a new position in Incyte in the 4th quarter valued at $26,000. Raiffeisen Bank International AG acquired a new stake in shares of Incyte in the fourth quarter valued at about $34,000. NBC Securities Inc. lifted its stake in shares of Incyte by 88,200.0% in the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after buying an additional 882 shares in the last quarter. Huntington National Bank lifted its stake in shares of Incyte by 40.7% in the fourth quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company's stock worth $65,000 after buying an additional 270 shares in the last quarter. Finally, Intact Investment Management Inc. acquired a new position in Incyte during the first quarter worth about $73,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Trading Down 0.8%

NASDAQ:INCY traded down $0.56 during trading hours on Wednesday, reaching $68.17. 2,374,621 shares of the stock were exchanged, compared to its average volume of 1,970,717. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $13.20 billion, a price-to-earnings ratio of 213.04, a PEG ratio of 0.58 and a beta of 0.68. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $83.95. The business has a 50-day moving average of $64.94 and a two-hundred day moving average of $66.67.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share 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 analysts' expectations of $996.17 million. Incyte had a net margin of 0.48% and a return on equity of 2.77%. The business's quarterly revenue was up 19.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. On average, equities analysts predict that Incyte Corporation will post 4.86 EPS for the current year.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of research reports. Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Royal Bank Of Canada set a $67.00 price target on Incyte and gave the company a "sector perform" rating in a report on Monday, June 23rd. Truist Financial lifted their price objective on Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. JPMorgan Chase & Co. dropped their target price on Incyte from $70.00 to $68.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Finally, Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and raised their target price for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Incyte presently has a consensus rating of "Hold" and an average price target of $74.53.

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.