Fulton Bank N.A. Lowers Stake in Incyte Co. (NASDAQ:INCY)

Fulton Bank N.A. lessened its holdings in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 16.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,158 shares of the biopharmaceutical company's stock after selling 4,834 shares during the period. Fulton Bank N.A.'s holdings in Incyte were worth $1,463,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Blue Trust Inc. raised its holdings in shares of Incyte by 124.6% during the 4th quarter. Blue Trust Inc. now owns 593 shares of the biopharmaceutical company's stock worth $39,000 after buying an additional 329 shares in the last quarter. R Squared Ltd purchased a new position in shares of Incyte during the 4th quarter valued at $30,000. Chicago Partners Investment Group LLC purchased a new position in Incyte during the 4th quarter valued at about $259,000. Tokio Marine Asset Management Co. Ltd. raised its position in Incyte by 7.1% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,863 shares of the biopharmaceutical company's stock valued at $474,000 after purchasing an additional 457 shares in the last quarter. Finally, Greenleaf Trust grew its holdings in shares of Incyte by 4.5% during the 4th quarter. Greenleaf Trust now owns 5,066 shares of the biopharmaceutical company's stock valued at $350,000 after purchasing an additional 217 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Insider Transactions at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.69, for a total value 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 $2,272,150.23. The trade was a 37.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 17.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on INCY. Truist Financial upped their price objective on shares of Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a report on Tuesday, May 27th. UBS Group reaffirmed a "neutral" rating and set a $61.00 price objective on shares of Incyte in a research report on Tuesday. Royal Bank of Canada increased their target price on Incyte from $64.00 to $67.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 30th. Wells Fargo & Company upped their price objective on Incyte from $58.00 to $59.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Incyte in a report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $72.53.

Incyte Trading Down 0.3%

INCY traded down $0.18 on Thursday, hitting $67.24. The company had a trading volume of 1,712,763 shares, compared to its average volume of 2,256,286. The company has a market cap of $13.02 billion, a PE ratio of 249.05, a PEG ratio of 0.41 and a beta of 0.68. Incyte Co. has a 12-month low of $53.56 and a 12-month high of $83.95. The business's fifty day simple moving average is $61.15 and its 200 day simple moving average is $67.28. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The firm had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $996.17 million. During the same period in the previous year, the company earned $0.64 EPS. The firm's revenue for the quarter was up 19.5% compared to the same quarter last year. Equities research analysts expect that Incyte Co. will post 4.86 EPS for the current year.

Incyte Profile

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.