Northwest & Ethical Investments L.P. Lowers Position in Incyte Co. (NASDAQ:INCY)

Northwest & Ethical Investments L.P. cut its stake in shares of Incyte Co. (NASDAQ:INCY) by 17.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 30,764 shares of the biopharmaceutical company’s stock after selling 6,462 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Incyte were worth $2,034,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. MFA Wealth Advisors LLC purchased a new position in Incyte during the second quarter valued at $26,000. Brooklyn Investment Group purchased a new position in Incyte during the third quarter valued at $30,000. Innealta Capital LLC purchased a new position in Incyte during the second quarter valued at $32,000. Itau Unibanco Holding S.A. purchased a new position in Incyte during the second quarter valued at $36,000. Finally, Deseret Mutual Benefit Administrators lifted its position in Incyte by 37.1% during the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 164 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Trading Down 1.1 %

Shares of NASDAQ INCY opened at $74.59 on Friday. The business’s 50 day moving average is $70.76 and its two-hundred day moving average is $65.11. 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 Co. has a 1-year low of $50.35 and a 1-year high of $83.95. The stock has a market capitalization of $14.37 billion, a P/E ratio of 532.82, a PEG ratio of 8.70 and a beta of 0.71.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 EPS. As a group, research analysts expect that Incyte Co. will post 0.4 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on INCY. Wells Fargo & Company boosted their price objective on Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Wolfe Research began coverage on Incyte in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 price objective on the stock. Guggenheim boosted their price objective on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their price objective on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their price objective on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Incyte has an average rating of “Hold” and a consensus target price of $77.16.

Insider Activity

In other news, EVP Barry P. Flannelly sold 3,680 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the transaction, the executive vice president now owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. This represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,702 shares of company stock valued at $856,166. 17.60% of the stock is currently owned by insiders.

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.