Forvis Mazars Wealth Advisors LLC trimmed its position in shares of Incyte Corporation (NASDAQ:INCY – Free Report) by 13.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,730 shares of the biopharmaceutical company’s stock after selling 6,446 shares during the quarter. Forvis Mazars Wealth Advisors LLC’s holdings in Incyte were worth $4,943,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the company. Greenleaf Trust grew its position in Incyte by 2.8% in the 2nd quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock valued at $381,000 after purchasing an additional 93 shares during the period. 180 Wealth Advisors LLC increased its stake in Incyte by 2.0% during the 1st quarter. 180 Wealth Advisors LLC now owns 6,877 shares of the biopharmaceutical company’s stock valued at $647,000 after purchasing an additional 132 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in Incyte by 0.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 36,343 shares of the biopharmaceutical company’s stock worth $3,590,000 after buying an additional 134 shares during the last quarter. Tema ETFs LLC raised its holdings in Incyte by 5.7% during the second quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company’s stock worth $307,000 after buying an additional 145 shares during the last quarter. Finally, Trust Point Inc. raised its holdings in Incyte by 5.5% during the second quarter. Trust Point Inc. now owns 2,968 shares of the biopharmaceutical company’s stock worth $336,000 after buying an additional 156 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.
Insider Activity at Incyte
In related news, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.
Incyte Stock Down 2.5%
Incyte (NASDAQ:INCY – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.57 EPS. On average, sell-side analysts predict that Incyte Corporation will post 2.40 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research firms have weighed in on INCY. Mizuho raised their price objective on shares of Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. JPMorgan Chase & Co. boosted their target price on shares of Incyte from $120.00 to $123.00 and gave the stock a “neutral” rating in a research report on Monday, September 28th. Stifel Nicolaus boosted their target price on shares of Incyte from $145.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, October 5th. Piper Sandler upped their target price on shares of Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Finally, Leerink Partners upped their target price on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat, Incyte currently has an average rating of “Moderate Buy” and an average target price of $127.70.
Get Our Latest Research Report on Incyte
Incyte Profile
Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.
Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.
Featured Articles
- Five stocks we like better than Incyte
- A Chinese Rival Just Spooked Memory Stocks—How Worried Should Micron Investors Be?
- Could T-Mobile’s Satellite Competition Fears Create a Buying Opportunity?
- Surgical Precision, Sustainable Returns: Johnson & Johnson Secures Its Cash Flow Runway
- Tesla’s Robotaxi Lands in Paris—But Europe’s Real Fight Is Over Cheap EVs
Receive News & Ratings for Incyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Incyte and related companies with MarketBeat.com's FREE daily email newsletter.
