Redwood Investment Management LLC Acquires Shares of 20,788 Incyte Co. (NASDAQ:INCY)

Redwood Investment Management LLC purchased a new position in Incyte Co. (NASDAQ:INCY - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 20,788 shares of the biopharmaceutical company's stock, valued at approximately $1,436,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INCY. Quintet Private Bank Europe S.A. bought a new stake in shares of Incyte in the fourth quarter valued at about $26,000. Global X Japan Co. Ltd. increased 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 valued at $27,000 after purchasing an additional 230 shares during the period. R Squared Ltd bought a new stake in shares of Incyte in the 4th quarter valued at about $30,000. Blue Trust Inc. lifted its position in shares of Incyte by 124.6% in the 4th quarter. Blue Trust Inc. now owns 593 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 329 shares during the period. Finally, Bradley & Co. Private Wealth Management LLC bought a new position in shares of Incyte during the fourth quarter valued at approximately $42,000. Institutional investors own 96.97% of the company's stock.

Incyte Stock Up 0.8%

Shares of NASDAQ:INCY traded up $0.50 on Monday, hitting $63.81. 1,214,336 shares of the company's stock were exchanged, compared to its average volume of 2,320,319. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. Incyte Co. has a 1-year low of $53.56 and a 1-year high of $83.95. The company has a market capitalization of $12.35 billion, a PE ratio of 236.34, a P/E/G ratio of 0.41 and a beta of 0.68. The firm's 50-day moving average is $60.49 and its 200 day moving average is $68.39.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly 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 company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. During the same period in the prior year, the firm posted $0.64 earnings per share. The firm's revenue was up 19.5% on a year-over-year basis. Sell-side analysts predict that Incyte Co. will post 4.86 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on INCY shares. JMP Securities restated a "market perform" rating on shares of Incyte in a research note on Tuesday, February 11th. Guggenheim downgraded shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price objective on the stock. in a report on Tuesday, March 18th. Citigroup lowered their price target on Incyte from $97.00 to $88.00 and set a "buy" rating for the company in a research report on Tuesday, February 11th. Stifel Nicolaus increased their price objective on shares of Incyte from $75.00 to $77.00 and gave the stock a "hold" rating in a research note on Monday, February 10th. Finally, Royal Bank of Canada lifted their price target on Incyte from $64.00 to $67.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $73.53.

Insider Activity

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of the company's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now owns 33,567 shares in the company, valued at $2,272,150.23. This represents a 37.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total value of $41,924.01. Following the transaction, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,809,101.52. The trade was a 2.26% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,475 shares of company stock worth $2,424,751. Corporate insiders own 17.80% of the company's stock.

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.