Victory Capital Management Inc. Boosts Stock Holdings in Incyte Corporation (NASDAQ:INCY)

Victory Capital Management Inc. lifted its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 581.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 813,140 shares of the biopharmaceutical company's stock after purchasing an additional 693,782 shares during the period. Victory Capital Management Inc. owned 0.42% of Incyte worth $49,236,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new position in shares of Incyte during the fourth quarter worth approximately $34,000. NBC Securities Inc. increased its stake in 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 acquiring an additional 882 shares during the period. Huntington National Bank increased its stake in 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 acquiring an additional 270 shares during the period. Intact Investment Management Inc. bought a new position in Incyte during the 1st quarter worth $73,000. Finally, Farther Finance Advisors LLC increased its stake in Incyte by 474.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after acquiring an additional 1,280 shares during the period. Institutional investors own 96.97% of the company's stock.

Insider Transactions at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the transaction, the executive vice president owned 37,630 shares in the company, valued at approximately $2,628,831.80. The trade was a 3.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the transaction, the executive vice president owned 26,504 shares of the company's stock, valued at $1,818,439.44. This trade represents a 2.21% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,392 shares of company stock valued at $3,584,411. 17.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on INCY shares. Wells Fargo & Company raised their price objective on Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Morgan Stanley reduced their target price on Incyte from $69.00 to $65.00 and set an "equal weight" rating on the stock in a report on Monday, March 24th. Citigroup reaffirmed a "buy" rating 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, JPMorgan Chase & Co. reduced their target price on Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a report on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $74.47.

Incyte Trading Down 1.6%

NASDAQ:INCY traded down $1.08 during trading hours on Friday, hitting $67.86. 1,556,792 shares of the company were exchanged, compared to its average volume of 1,943,810. The stock has a market capitalization of $13.14 billion, a price-to-earnings ratio of 212.07, a price-to-earnings-growth ratio of 0.57 and a beta of 0.68. 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 Corporation has a one year low of $53.56 and a one year high of $83.95. The company has a fifty day simple moving average of $67.12 and a 200 day simple moving average of $66.65.

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 the consensus estimate of $1.01 by $0.15. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $996.17 million. During the same period last year, the company posted $0.64 EPS. The business's quarterly revenue was up 19.5% on a year-over-year basis. Sell-side analysts expect that Incyte Corporation will post 4.86 EPS for the current fiscal year.

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.