Pallas Capital Advisors LLC Makes New Investment in Incyte Co. (NASDAQ:INCY)

Pallas Capital Advisors LLC purchased a new stake in shares of Incyte Co. (NASDAQ:INCY) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 14,571 shares of the biopharmaceutical company’s stock, valued at approximately $1,006,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Brooklyn Investment Group bought a new position in Incyte during the third quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte during the 3rd quarter valued at about $33,000. Itau Unibanco Holding S.A. bought a new position in shares of Incyte in the 2nd quarter valued at approximately $36,000. Cromwell Holdings LLC boosted its position in Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 283 shares during the period. Finally, Groupama Asset Managment grew its holdings in Incyte by 11.4% during the third quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock valued at $39,000 after purchasing an additional 6,105 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insiders Place Their Bets

In other Incyte news, EVP Vijay K. Iyengar sold 6,043 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the sale, the executive vice president now owns 30,658 shares of the company’s stock, valued at $2,311,000.04. This represents a 16.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas Tray sold 650 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $70.64, for a total transaction of $45,916.00. Following the sale, the insider now directly owns 23,962 shares in the company, valued at approximately $1,692,675.68. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,023 shares of company stock valued at $839,711. 17.60% of the stock is currently owned by insiders.

Incyte Price Performance

Incyte stock opened at $72.37 on Tuesday. The business has a 50 day simple moving average of $73.06 and a 200 day simple moving average of $67.70. Incyte Co. has a one year low of $50.35 and a one year high of $83.95. The company has a market capitalization of $13.94 billion, a PE ratio of 516.97, a price-to-earnings-growth ratio of 7.90 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.91 EPS. On average, sell-side analysts forecast that Incyte Co. will post 0.4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on INCY shares. JMP Securities restated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. JPMorgan Chase & Co. upped their price target on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer lifted their price objective on Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 13th. Finally, Citigroup raised their target price on Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $76.29.

Incyte 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.