FORVIS Wealth Advisors LLC Takes Position in Incyte Co. (NASDAQ:INCY)

FORVIS Wealth Advisors LLC acquired a new position in Incyte Co. (NASDAQ:INCY) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 26,240 shares of the biopharmaceutical company’s stock, valued at approximately $1,495,000.

Other hedge funds have also recently made changes to their positions in the company. Fisher Asset Management LLC lifted its stake in Incyte by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 44,169 shares of the biopharmaceutical company’s stock worth $2,773,000 after purchasing an additional 187 shares in the last quarter. 180 Wealth Advisors LLC lifted its stake in Incyte by 4.5% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,764 shares of the biopharmaceutical company’s stock worth $271,000 after acquiring an additional 204 shares in the last quarter. Berger Financial Group Inc boosted its holdings in Incyte by 0.4% during the 4th quarter. Berger Financial Group Inc now owns 60,468 shares of the biopharmaceutical company’s stock valued at $3,797,000 after acquiring an additional 212 shares during the period. Allworth Financial LP grew its position in Incyte by 40.0% in the 4th quarter. Allworth Financial LP now owns 802 shares of the biopharmaceutical company’s stock valued at $50,000 after acquiring an additional 229 shares in the last quarter. Finally, Grandfield & Dodd LLC increased its stake in Incyte by 1.8% during the fourth quarter. Grandfield & Dodd LLC now owns 18,390 shares of the biopharmaceutical company’s stock worth $1,155,000 after purchasing an additional 319 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Down 2.3 %

Shares of NASDAQ:INCY traded down $1.36 during trading on Thursday, hitting $57.66. 1,472,478 shares of the company were exchanged, compared to its average volume of 5,504,323. The firm’s 50 day moving average price is $57.85 and its 200-day moving average price is $58.66. Incyte Co. has a 12-month low of $50.27 and a 12-month high of $67.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.43. The stock has a market capitalization of $12.95 billion, a P/E ratio of 17.47, a PEG ratio of 1.27 and a beta of 0.73.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.31). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The company had revenue of $880.89 million for the quarter, compared to analyst estimates of $935.85 million. On average, research analysts predict that Incyte Co. will post 3.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on INCY shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $65.00 price objective on shares of Incyte in a research note on Monday, March 25th. StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 2nd. Oppenheimer reduced their price objective on Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft initiated coverage on Incyte in a research note on Thursday, May 23rd. They set a “hold” rating and a $55.00 target price for the company. Finally, TD Cowen reduced their price target on Incyte from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average price target of $73.44.

Insider Activity

In related news, EVP Barry P. Flannelly sold 19,164 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the transaction, the executive vice president now owns 66,377 shares in the company, valued at approximately $3,982,620. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Barry P. Flannelly sold 19,164 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total value of $1,149,840.00. Following the completion of the sale, the executive vice president now owns 66,377 shares in the company, valued at approximately $3,982,620. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total transaction of $64,388.63. Following the transaction, the insider now directly owns 21,634 shares in the company, valued at $1,274,458.94. The disclosure for this sale can be found here. Company insiders own 17.50% 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.