Forum Financial Management LP Takes Position in Incyte Co. (NASDAQ:INCY)

Forum Financial Management LP bought a new stake in shares of Incyte Co. (NASDAQ:INCY) during the 3rd quarter, HoldingsChannel reports. The firm bought 3,503 shares of the biopharmaceutical company’s stock, valued at approximately $232,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INCY. Robeco Institutional Asset Management B.V. boosted its stake in shares of Incyte by 5.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock valued at $83,680,000 after purchasing an additional 70,596 shares during the period. Integrated Advisors Network LLC acquired a new position in Incyte in the 3rd quarter worth $967,000. China Universal Asset Management Co. Ltd. lifted its holdings in Incyte by 40.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 37,043 shares of the biopharmaceutical company’s stock worth $2,449,000 after buying an additional 10,627 shares in the last quarter. abrdn plc boosted its position in Incyte by 3.7% in the 3rd quarter. abrdn plc now owns 66,238 shares of the biopharmaceutical company’s stock valued at $4,416,000 after buying an additional 2,335 shares during the last quarter. Finally, First Financial Bankshares Inc grew its stake in shares of Incyte by 4.0% during the third quarter. First Financial Bankshares Inc now owns 39,802 shares of the biopharmaceutical company’s stock valued at $2,631,000 after acquiring an additional 1,518 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on INCY shares. The Goldman Sachs Group boosted their price target on Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Oppenheimer increased their target price on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Citigroup raised their price target on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Finally, Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $68.00 to $90.00 in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $76.74.

Incyte Price Performance

Shares of NASDAQ INCY opened at $77.28 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The firm has a market capitalization of $14.89 billion, a PE ratio of 552.04, a P/E/G ratio of 6.68 and a beta of 0.71. Incyte Co. has a 1-year low of $50.35 and a 1-year high of $77.37. The business’s fifty day moving average price is $66.49 and its two-hundred day moving average price is $62.30.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates 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 negative return on equity of 0.63% and a net margin of 0.80%. The firm’s revenue was up 23.8% on a year-over-year basis. During the same period last year, the business earned $0.91 EPS. On average, research analysts expect that Incyte Co. will post 0.52 EPS for the current year.

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.