Incyte Corporation (NASDAQ:INCY) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lowered its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 41.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,117 shares of the biopharmaceutical company's stock after selling 12,867 shares during the period. Exchange Traded Concepts LLC's holdings in Incyte were worth $1,097,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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 stake in shares of Incyte during the 4th quarter worth approximately $26,000. Raiffeisen Bank International AG purchased a new position in shares of Incyte during the 4th quarter worth approximately $34,000. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of Incyte during the 4th quarter worth approximately $42,000. NBC Securities Inc. boosted its position in shares of Incyte by 88,200.0% during the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after purchasing an additional 882 shares during the period. Finally, Huntington National Bank boosted its position in shares of Incyte by 40.7% during the 4th quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company's stock worth $65,000 after purchasing an additional 270 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Price Performance

Shares of INCY opened at $68.27 on Thursday. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $83.95. The firm's fifty day simple moving average is $62.97 and its 200-day simple moving average is $66.97. The firm has a market capitalization of $13.22 billion, a price-to-earnings ratio of 213.35, a PEG ratio of 0.58 and a beta of 0.67. The company has a current ratio of 2.04, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01.

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. Incyte had a net margin of 0.48% and a return on equity of 2.77%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. During the same period last year, the business earned $0.64 EPS. The company's revenue was up 19.5% on a year-over-year basis. Equities analysts forecast that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on INCY shares. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and increased their price objective for the stock from $75.00 to $107.00 in a research report on Monday. Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Royal Bank Of Canada increased their price objective on shares of Incyte from $64.00 to $67.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 30th. Truist Financial increased their price objective on shares of Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. Finally, Morgan Stanley lowered their price objective on shares of Incyte from $69.00 to $65.00 and set an "equal weight" rating for the company in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price 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.

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