Optimize Financial Inc Takes $248,000 Position in Incyte Co. (NASDAQ:INCY)

Optimize Financial Inc bought a new position in shares of Incyte Co. (NASDAQ:INCY) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,590 shares of the biopharmaceutical company’s stock, valued at approximately $248,000.

A number of other institutional investors have also recently added to or reduced their stakes in INCY. Geode Capital Management LLC increased its position in shares of Incyte by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company’s stock valued at $278,346,000 after purchasing an additional 103,910 shares during the period. LSV Asset Management grew its holdings in Incyte by 18.6% during the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company’s stock worth $239,500,000 after acquiring an additional 544,080 shares during the period. Norges Bank bought a new stake in Incyte in the fourth quarter worth about $121,890,000. Charles Schwab Investment Management Inc. lifted its holdings in Incyte by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company’s stock valued at $113,487,000 after acquiring an additional 33,847 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in shares of Incyte by 73.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company’s stock valued at $90,749,000 after purchasing an additional 556,218 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Incyte news, EVP Sheila A. Denton sold 14,069 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the transaction, the executive vice president now owns 25,848 shares in the company, valued at $1,914,561.36. This trade represents a 35.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 19,807 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the sale, the executive vice president now directly owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. This represents a 37.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,827 shares of company stock valued at $3,322,618. Insiders own 17.60% of the company’s stock.

Incyte Price Performance

NASDAQ INCY opened at $56.87 on Friday. The company has a 50 day moving average price of $66.19 and a two-hundred day moving average price of $69.59. Incyte Co. has a 12-month low of $50.35 and a 12-month high of $83.95. The stock has a market capitalization of $11.01 billion, a PE ratio of 210.64, a price-to-earnings-growth ratio of 0.41 and a beta of 0.89. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. As a group, equities analysts predict that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

INCY has been the subject of several recent research reports. Truist Financial cut their target price on shares of Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Citigroup reduced their price objective on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research report on Tuesday, February 11th. StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Finally, UBS Group assumed coverage on shares of Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $74.88.

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.