Ellis Investment Partners LLC Invests $1.14 Million in Incyte Co. (NASDAQ:INCY)

Ellis Investment Partners LLC acquired a new position in shares of Incyte Co. (NASDAQ:INCY) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 18,806 shares of the biopharmaceutical company’s stock, valued at approximately $1,140,000.

A number of other hedge funds have also modified their holdings of INCY. Cape Investment Advisory Inc. purchased a new position in shares of Incyte during the 4th quarter worth approximately $25,000. MFA Wealth Advisors LLC purchased a new stake in Incyte in the 2nd quarter worth approximately $26,000. Redmont Wealth Advisors LLC purchased a new stake in Incyte in the 1st quarter worth approximately $28,000. Riverview Trust Co purchased a new stake in Incyte in the 1st quarter worth approximately $29,000. Finally, Fidelis Capital Partners LLC purchased a new stake in Incyte in the 1st quarter worth approximately $32,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on INCY shares. BMO Capital Markets reaffirmed an “underperform” rating and issued a $48.00 target price (down from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Bank of America lifted their target price on shares of Incyte from $62.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Citigroup lifted their target price on shares of Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus target price of $73.29.

Insider Activity at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the transaction, the executive vice president now owns 36,701 shares in the company, valued at approximately $2,569,070. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the transaction, the executive vice president now owns 58,042 shares in the company, valued at approximately $3,725,715.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares in the company, valued at approximately $2,569,070. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,189 shares of company stock worth $2,812,522. 17.50% of the stock is currently owned by corporate insiders.

Incyte Stock Performance

NASDAQ:INCY opened at $61.26 on Friday. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $13.76 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 5.23 and a beta of 0.73. The firm’s fifty day simple moving average is $63.41 and its 200 day simple moving average is $59.47. Incyte Co. has a twelve month low of $50.27 and a twelve month high of $70.36.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.77 EPS. As a group, equities research analysts expect that Incyte Co. will post 0.67 earnings per share for the current fiscal 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.