Redwood Investment Management LLC Takes $1.44 Million Position in Incyte Co. (NASDAQ:INCY)

Redwood Investment Management LLC purchased a new position in shares of Incyte Co. (NASDAQ:INCY) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 20,788 shares of the biopharmaceutical company’s stock, valued at approximately $1,436,000.

Several other large investors also recently bought and sold shares of the business. Wells Fargo & Company MN grew its holdings in shares of Incyte by 61.3% in the fourth quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company’s stock valued at $12,031,000 after purchasing an additional 66,220 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Incyte by 13.5% in the 4th quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company’s stock valued at $22,354,000 after buying an additional 38,550 shares during the period. SG Americas Securities LLC increased its holdings in shares of Incyte by 262.2% during the 4th quarter. SG Americas Securities LLC now owns 99,407 shares of the biopharmaceutical company’s stock worth $6,866,000 after buying an additional 71,963 shares during the last quarter. Pictet Asset Management Holding SA raised 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 buying an additional 556,218 shares during the period. Finally, Tandem Financial LLC acquired a new position in Incyte in the fourth quarter valued at approximately $358,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In other Incyte news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total value of $41,924.01. Following the completion of the sale, the executive vice president now owns 25,848 shares in the company, valued at $1,809,101.52. The trade was a 2.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Barry P. Flannelly sold 19,807 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,475 shares of company stock valued at $2,424,751. Company insiders own 17.80% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Royal Bank of Canada increased their price objective on Incyte from $64.00 to $67.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. lowered their price target on Incyte from $70.00 to $68.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Truist Financial decreased their target price on shares of Incyte from $74.00 to $72.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Stifel Nicolaus increased their target price on shares of Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research note on Monday, February 10th. Finally, StockNews.com upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $73.53.

Incyte Price Performance

Shares of NASDAQ INCY opened at $62.76 on Friday. Incyte Co. has a one year low of $53.56 and a one year high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The firm has a market capitalization of $12.15 billion, a P/E ratio of 232.45, a PEG ratio of 0.41 and a beta of 0.68. The company’s fifty day moving average is $60.59 and its two-hundred day moving average is $68.54.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.01 by $0.15. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. During the same period in the prior year, the business earned $0.64 earnings per share. The company’s quarterly revenue was up 19.5% on a year-over-year basis. Analysts forecast that Incyte Co. will post 4.86 EPS for the current fiscal year.

Incyte 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.