Erste Asset Management GmbH Takes $3.37 Million Position in Incyte Co. (NASDAQ:INCY)

Erste Asset Management GmbH acquired a new stake in Incyte Co. (NASDAQ:INCY) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 51,200 shares of the biopharmaceutical company’s stock, valued at approximately $3,370,000.

Several other institutional investors and hedge funds also recently made changes to their positions in INCY. MFA Wealth Advisors LLC bought a new position in Incyte during the 2nd quarter worth $26,000. Brooklyn Investment Group acquired a new stake in shares of Incyte in the third quarter valued at about $30,000. Innealta Capital LLC bought a new position in shares of Incyte during the second quarter worth about $32,000. Itau Unibanco Holding S.A. acquired a new position in shares of Incyte in the second quarter worth approximately $36,000. Finally, Deseret Mutual Benefit Administrators boosted its holdings in Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after acquiring an additional 164 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. The Goldman Sachs Group raised their price target on shares of Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. Wolfe Research initiated coverage on shares of Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Oppenheimer upped their target price on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $77.16.

Incyte Stock Performance

Shares of INCY opened at $73.24 on Tuesday. The firm has a market capitalization of $14.11 billion, a P/E ratio of 523.18, a P/E/G ratio of 8.60 and a beta of 0.71. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The stock has a 50 day moving average price of $70.94 and a two-hundred day moving average price of $65.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87.

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

Insider Activity at Incyte

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This represents a 18.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the sale, the executive vice president now owns 58,042 shares in the company, valued at $4,624,786.56. The trade was a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,702 shares of company stock valued at $856,166 over the last ninety days. Corporate insiders own 17.60% of the company’s stock.

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.