Faithward Advisors LLC Acquires New Shares in Incyte Corporation $INCY

Faithward Advisors LLC acquired a new position in Incyte Corporation (NASDAQ:INCY) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 52,493 shares of the biopharmaceutical company’s stock, valued at approximately $4,452,000.

A number of other institutional investors have also added to or reduced their stakes in INCY. Captrust Financial Advisors lifted its position in shares of Incyte by 35.7% in the 3rd quarter. Captrust Financial Advisors now owns 46,768 shares of the biopharmaceutical company’s stock worth $3,966,000 after purchasing an additional 12,301 shares during the period. Coldstream Capital Management Inc. bought a new position in shares of Incyte during the third quarter valued at approximately $233,000. Danske Bank A S purchased a new position in Incyte during the third quarter valued at approximately $7,064,000. Jacobs Levy Equity Management Inc. increased its holdings in Incyte by 34.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,743,794 shares of the biopharmaceutical company’s stock valued at $147,891,000 after buying an additional 448,911 shares during the period. Finally, NewEdge Advisors LLC raised its stake in Incyte by 9.3% in the third quarter. NewEdge Advisors LLC now owns 10,825 shares of the biopharmaceutical company’s stock worth $918,000 after buying an additional 919 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of analyst reports. Morgan Stanley set a $102.00 target price on Incyte in a report on Wednesday, February 11th. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. TD Cowen reissued a “buy” rating on shares of Incyte in a research report on Tuesday, January 13th. Truist Financial set a $103.00 price objective on Incyte in a research note on Wednesday, December 24th. Finally, Barclays raised their price objective on Incyte from $116.00 to $117.00 and gave the company an “overweight” rating in a research report on Wednesday, February 18th. Ten equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Incyte currently has an average rating of “Hold” and a consensus price target of $103.44.

Incyte Price Performance

Shares of INCY opened at $94.22 on Wednesday. The company has a 50 day moving average of $101.36 and a two-hundred day moving average of $96.78. The company has a quick ratio of 3.25, a current ratio of 3.32 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 $112.29. The company has a market cap of $18.75 billion, a price-to-earnings ratio of 14.70, a price-to-earnings-growth ratio of 0.74 and a beta of 0.84.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the company posted $1.43 earnings per share. The business’s revenue for the quarter was up 27.8% on a year-over-year basis. As a group, analysts predict that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other Incyte news, insider Thomas Tray sold 2,774 shares of the firm’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $100.00, for a total value of $277,400.00. Following the completion of the sale, the insider owned 22,973 shares of the company’s stock, valued at approximately $2,297,300. This trade represents a 10.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the business’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the sale, the executive vice president owned 66,132 shares in the company, valued at $7,213,017.24. The trade was a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 14,230 shares of company stock worth $1,520,414. 17.80% of the stock is owned by company insiders.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.