PNC Financial Services Group Inc. Purchases 888 Shares of Incyte Corporation $INCY

PNC Financial Services Group Inc. boosted its holdings in Incyte Corporation (NASDAQ:INCY) by 2.9% during the second quarter, HoldingsChannel.com reports. The fund owned 31,045 shares of the biopharmaceutical company’s stock after purchasing an additional 888 shares during the period. PNC Financial Services Group Inc.’s holdings in Incyte were worth $2,114,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Banque Transatlantique SA bought a new position in shares of Incyte during the 1st quarter worth approximately $26,000. FNY Investment Advisers LLC acquired a new position in Incyte during the second quarter worth $27,000. Hilltop National Bank bought a new position in shares of Incyte during the second quarter valued at $37,000. SVB Wealth LLC acquired a new stake in shares of Incyte in the 1st quarter valued at $39,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Incyte by 350.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 588 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on INCY shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Incyte in a report on Wednesday, October 8th. Barclays lifted their target price on shares of Incyte from $90.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. Truist Financial reissued a “hold” rating and issued a $93.00 target price (up from $79.00) on shares of Incyte in a report on Wednesday, October 29th. Stifel Nicolaus lifted their price objective on Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Finally, BMO Capital Markets reissued an “underperform” rating and issued a $60.00 price objective (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $92.77.

Insider Activity

In related news, EVP Lee Heeson sold 3,074 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total transaction of $289,017.48. Following the completion of the sale, the executive vice president directly owned 29,241 shares of the company’s stock, valued at $2,749,238.82. The trade was a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Sheila A. Denton sold 598 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total transaction of $60,613.28. Following the completion of the transaction, the executive vice president owned 26,569 shares in the company, valued at $2,693,033.84. This represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,227 shares of company stock valued at $396,327 over the last three months. Company insiders own 17.80% of the company’s stock.

Incyte Stock Down 0.3%

NASDAQ:INCY opened at $103.89 on Wednesday. The company has a market cap of $20.40 billion, a price-to-earnings ratio of 17.40, a P/E/G ratio of 0.70 and a beta of 0.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 3.20. The stock’s fifty day moving average price is $91.06 and its two-hundred day moving average price is $78.83. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $109.28.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.61. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. On average, analysts anticipate that Incyte Corporation will post 4.86 EPS for the current 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.