Incyte Corporation $INCY Shares Sold by Empowered Funds LLC

Empowered Funds LLC cut its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 6.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 129,592 shares of the biopharmaceutical company’s stock after selling 9,190 shares during the quarter. Empowered Funds LLC’s holdings in Incyte were worth $8,825,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Czech National Bank grew its holdings in Incyte by 6.4% in the second quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company’s stock valued at $2,674,000 after purchasing an additional 2,378 shares during the period. denkapparat Operations GmbH raised its stake in Incyte by 46.1% during the second quarter. denkapparat Operations GmbH now owns 11,292 shares of the biopharmaceutical company’s stock worth $769,000 after purchasing an additional 3,564 shares during the period. Hussman Strategic Advisors Inc. boosted its holdings in shares of Incyte by 20.0% in the 2nd quarter. Hussman Strategic Advisors Inc. now owns 63,000 shares of the biopharmaceutical company’s stock valued at $4,290,000 after purchasing an additional 10,500 shares during the last quarter. Poinciana Advisors Group LLC purchased a new stake in shares of Incyte during the 2nd quarter valued at $229,000. Finally, OMNI 360 Wealth Inc. purchased a new stake in shares of Incyte during the 2nd quarter valued at $310,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Incyte

In other Incyte news, EVP Lee Heeson sold 3,074 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total value of $289,017.48. Following the completion of the sale, the executive vice president owned 29,241 shares of the company’s stock, valued at $2,749,238.82. This trade represents a 9.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of Incyte 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 sale, 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 position. The disclosure for this sale is available in the SEC filing. Insiders sold 4,227 shares of company stock valued at $396,327 in the last ninety days. 17.80% of the stock is owned by corporate insiders.

Incyte Trading Down 2.5%

NASDAQ:INCY opened at $101.32 on Thursday. The business’s 50-day moving average is $91.36 and its two-hundred day moving average is $78.98. The firm has a market capitalization of $19.89 billion, a PE ratio of 16.97, a price-to-earnings-growth ratio of 0.70 and a beta of 0.74. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $109.28. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 2.78.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.61. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.26 billion. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.07 earnings per share. Research analysts predict that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on INCY. Piper Sandler increased their target price on Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Weiss Ratings restated a “hold (c+)” rating on shares of Incyte in a report on Wednesday, October 8th. Truist Financial reaffirmed a “hold” rating and issued a $93.00 price objective (up from $79.00) on shares of Incyte in a research note on Wednesday, October 29th. Finally, Zacks Research downgraded shares of Incyte from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Seven analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $92.77.

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.