Incyte Corporation $INCY Stock Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lessened its position in Incyte Corporation (NASDAQ:INCY) by 7.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 63,716 shares of the biopharmaceutical company’s stock after selling 4,917 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Incyte were worth $7,732,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its holdings in Incyte by 77.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 46,944 shares of the biopharmaceutical company’s stock valued at $5,697,000 after acquiring an additional 20,465 shares during the period. Diversify Advisory Services LLC acquired a new position in Incyte in the 3rd quarter valued at about $894,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Incyte by 3.2% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,763 shares of the biopharmaceutical company’s stock valued at $2,884,000 after acquiring an additional 726 shares in the last quarter. IFP Advisors Inc increased its stake in Incyte by 38.4% during the third quarter. IFP Advisors Inc now owns 8,408 shares of the biopharmaceutical company’s stock worth $1,020,000 after purchasing an additional 2,335 shares during the period. Finally, Center For Asset Management LLC purchased a new stake in Incyte during the third quarter worth about $392,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In related news, insider Pablo Cagnoni sold 10,801 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the transaction, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 55,342 shares of company stock valued at $6,659,208. Insiders own 16.20% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the topic of several research reports. Guggenheim increased their price target on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Stifel Nicolaus lifted their price objective on shares of Incyte from $145.00 to $157.00 and gave the company a “buy” rating in a report on Monday, October 5th. Benchmark restated a “buy” rating on shares of Incyte in a report on Tuesday, October 13th. Barclays upped their target price on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Raymond James Financial set a $152.00 target price on shares of Incyte in a report on Friday, October 16th. Twelve investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $129.90.

Incyte Stock Down 2.7%

NASDAQ INCY opened at $113.44 on Thursday. Incyte Corporation has a 52 week low of $84.02 and a 52 week high of $132.60. The firm has a 50 day moving average of $121.56 and a two-hundred day moving average of $111.33. The stock has a market capitalization of $22.99 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 4.17 and a beta of 0.74.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company’s revenue was up 37.7% on a year-over-year basis. During the same period last year, the business earned $1.57 EPS. On average, equities research analysts expect that Incyte Corporation will post 2.28 earnings per share for the current fiscal year.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.