Freestone Grove Partners LP Makes New $446,000 Investment in Incyte Co. (NASDAQ:INCY)

Freestone Grove Partners LP acquired a new stake in Incyte Co. (NASDAQ:INCY - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 6,462 shares of the biopharmaceutical company's stock, valued at approximately $446,000.

A number of other hedge funds and other institutional investors have also modified their holdings of INCY. Quintet Private Bank Europe S.A. purchased a new position in shares of Incyte in the 4th quarter valued at about $26,000. Global X Japan Co. Ltd. lifted its position in Incyte by 144.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company's stock worth $27,000 after acquiring an additional 230 shares during the period. R Squared Ltd purchased a new position in Incyte during the 4th quarter worth $30,000. Blue Trust Inc. grew its holdings in Incyte by 124.6% during the fourth quarter. Blue Trust Inc. now owns 593 shares of the biopharmaceutical company's stock worth $39,000 after acquiring an additional 329 shares during the period. Finally, Bradley & Co. Private Wealth Management LLC acquired a new stake in Incyte during the 4th quarter valued at $42,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Down 0.5 %

Shares of NASDAQ INCY traded down $0.32 during midday trading on Friday, reaching $59.41. 341,292 shares of the company's stock were exchanged, compared to its average volume of 2,351,464. The stock has a market capitalization of $11.50 billion, a PE ratio of 220.05, a price-to-earnings-growth ratio of 0.41 and a beta of 0.68. Incyte Co. has a 52-week low of $52.81 and a 52-week 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 business's fifty day moving average price is $61.53 and its two-hundred day moving average price is $68.69.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. Incyte had a return on equity of 0.05% and a net margin of 0.77%. Incyte's quarterly revenue was up 19.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.64 EPS. Analysts forecast that Incyte Co. will post 4.86 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on INCY. Truist Financial cut their price objective on shares of Incyte from $74.00 to $72.00 and set a "hold" rating for the company in a research report on Tuesday, March 18th. Cantor Fitzgerald restated a "neutral" rating on shares of Incyte in a report on Friday, January 10th. StockNews.com upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. William Blair cut shares of Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. Finally, JMP Securities reiterated a "market perform" rating on shares of Incyte in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $73.53.

Insiders Place Their Bets

In other news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total value of $41,924.01. Following the completion of the transaction, the executive vice president now directly owns 25,848 shares of the company's stock, valued at approximately $1,809,101.52. The trade was a 2.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the 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 in the company, valued at approximately $2,272,150.23. This trade represents a 37.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,475 shares of company stock valued at $2,424,751 in the last ninety days. Corporate insiders own 17.60% of the company's stock.

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.