MQS Management LLC Makes New $237,000 Investment in Incyte Corporation (NASDAQ:INCY)

MQS Management LLC bought a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,915 shares of the biopharmaceutical company's stock, valued at approximately $237,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INCY. Principal Financial Group Inc. raised its position in shares of Incyte by 0.7% during the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after purchasing an additional 1,419 shares during the period. Wells Fargo & Company MN raised its position in Incyte by 61.3% in the 4th quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock valued at $12,031,000 after buying an additional 66,220 shares during the last quarter. JPMorgan Chase & Co. raised its position in Incyte by 13.5% in the 4th quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock valued at $22,354,000 after buying an additional 38,550 shares during the last quarter. Amalgamated Bank raised its position in Incyte by 1.9% in the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock valued at $1,910,000 after buying an additional 591 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its position in Incyte by 73.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock valued at $90,749,000 after buying an additional 556,218 shares during the last quarter. Institutional investors own 96.97% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on INCY shares. Truist Financial lifted their target price on Incyte from $72.00 to $73.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. UBS Group reissued a "neutral" rating and issued a $61.00 target price on shares of Incyte in a research report on Tuesday, June 3rd. William Blair lowered Incyte from an "outperform" rating to a "market perform" rating in a research report on Tuesday, March 18th. Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and boosted their price target for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $74.47.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the transaction, the executive vice president directly owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Barry P. Flannelly sold 10,903 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $743,039.45. Following the transaction, the executive vice president directly owned 39,744 shares of the company's stock, valued at approximately $2,708,553.60. This trade represents a 21.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,119 shares of company stock valued at $1,371,385. Company insiders own 17.80% of the company's stock.

Incyte Stock Down 2.5%

INCY stock opened at $68.25 on Wednesday. The firm has a market capitalization of $13.21 billion, a PE ratio of 213.29, a P/E/G ratio of 0.59 and a beta of 0.68. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $83.95. The stock's 50 day moving average is $66.56 and its 200-day moving average is $66.63.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $996.17 million. Incyte had a net margin of 0.48% and a return on equity of 2.77%. The firm's quarterly revenue was up 19.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.64 EPS. Sell-side analysts expect that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Incyte Company 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.

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