Incyte Corporation (NASDAQ:INCY) Position Trimmed by GS Investments Inc.

Key Points

• GS Investments Inc. has reduced its holdings in Incyte Corporation by 50.0%, owning 10,000 shares valued at approximately $606,000 after selling 10,000 shares during the first quarter.
• Incyte's stock price currently stands at $77.38, with a 12-month low of $53.56 and a high of $83.95, while its market cap is $14.98 billion.
• Analysts remain mixed on Incyte, with an average rating of "Hold" and a target price of $74.47, amidst recent estimates showing a projected EPS of 4.86 for the fiscal year.

GS Investments Inc. reduced its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,000 shares of the biopharmaceutical company's stock after selling 10,000 shares during the period. GS Investments Inc.'s holdings in Incyte were worth $606,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Incyte in the fourth quarter valued at about $121,890,000. AQR Capital Management LLC boosted its holdings in Incyte by 29.7% during the fourth 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 in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in Incyte by 861.0% during the fourth 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 in the last quarter. Victory Capital Management Inc. boosted its holdings in Incyte by 581.3% during the first quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company's stock worth $49,236,000 after buying an additional 693,782 shares in the last quarter. Finally, LSV Asset Management boosted its holdings in Incyte by 18.6% during the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company's stock worth $239,500,000 after buying an additional 544,080 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

INCY has been the subject of several research analyst reports. Truist Financial upped their price target on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research report on Wednesday. Citigroup boosted their price objective on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday. UBS Group reiterated a "neutral" rating and set a $68.00 price objective (up from $62.00) on shares of Incyte in a research note on Wednesday. Wells Fargo & Company boosted their price objective on shares of Incyte from $59.00 to $67.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and boosted their price objective 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, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $78.50.

Incyte Trading Up 0.9%

Shares of NASDAQ INCY traded up $0.70 during trading on Friday, reaching $75.59. The stock had a trading volume of 1,583,946 shares, compared to its average volume of 1,597,725. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $83.95. The business's 50-day moving average price is $68.72 and its 200-day moving average price is $66.68. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.85. The company has a market cap of $14.76 billion, a P/E ratio of 17.18, a PEG ratio of 0.62 and a beta of 0.71.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. Incyte had a return on equity of 21.99% and a net margin of 18.99%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. During the same quarter in the prior year, the company earned $0.64 earnings per share. The company's revenue was up 19.5% on a year-over-year basis. On average, equities research analysts predict that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president directly owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at $2,509,999.94. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,098 shares of company stock valued at $3,836,196 in the last 90 days. Insiders own 17.80% of the company's stock.

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.