Pallas Capital Advisors LLC Has $2.65 Million Stock Position in Incyte Co. (NASDAQ:INCY)

Pallas Capital Advisors LLC raised its position in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 200.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,766 shares of the biopharmaceutical company's stock after buying an additional 29,195 shares during the period. Pallas Capital Advisors LLC's holdings in Incyte were worth $2,650,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Retirement Systems of Alabama raised its holdings in shares of Incyte by 0.4% in the fourth quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company's stock valued at $2,391,000 after buying an additional 139 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in shares of Incyte by 0.7% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock valued at $1,410,000 after buying an additional 150 shares during the last quarter. Bank of Nova Scotia raised its holdings in shares of Incyte by 0.8% in the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock valued at $1,498,000 after buying an additional 171 shares during the last quarter. Newman Dignan & Sheerar Inc. raised its holdings in shares of Incyte by 4.0% in the fourth quarter. Newman Dignan & Sheerar Inc. now owns 5,222 shares of the biopharmaceutical company's stock valued at $361,000 after buying an additional 200 shares during the last quarter. Finally, Catalyst Financial Partners LLC lifted its holdings in Incyte by 2.7% during the 4th quarter. Catalyst Financial Partners LLC now owns 7,493 shares of the biopharmaceutical company's stock worth $518,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Royal Bank of Canada upped their price objective on Incyte from $64.00 to $67.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 30th. Citigroup reaffirmed a "buy" rating on shares of Incyte in a report on Tuesday, June 3rd. UBS Group reaffirmed a "neutral" rating and set a $61.00 price objective on shares of Incyte in a report on Tuesday, June 3rd. Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Wells Fargo & Company raised their target price on shares of Incyte from $58.00 to $59.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Incyte has an average rating of "Hold" and a consensus target price of $72.53.

Insider Transactions at Incyte

In other news, EVP Barry P. Flannelly sold 19,807 shares of the firm's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the sale, the executive vice president now owns 33,567 shares of the company's stock, valued at $2,272,150.23. This trade represents a 37.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 17.80% of the stock is currently owned by insiders.

Incyte Trading Down 1.7%

NASDAQ:INCY traded down $1.22 during trading hours on Wednesday, hitting $68.85. The stock had a trading volume of 2,203,456 shares, compared to its average volume of 2,124,165. Incyte Co. has a one year low of $53.56 and a one year high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The company has a market cap of $13.33 billion, a price-to-earnings ratio of 255.01, a P/E/G ratio of 0.41 and a beta of 0.67. The business's 50 day moving average is $61.74 and its 200-day moving average is $67.16.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $996.17 million. During the same quarter in the prior year, the firm earned $0.64 earnings per share. The business's quarterly revenue was up 19.5% on a year-over-year basis. Sell-side analysts anticipate that Incyte Co. will post 4.86 EPS for the current fiscal 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.