Fairvoy Private Wealth LLC Decreases Position in Incyte Corporation $INCY

Fairvoy Private Wealth LLC trimmed its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 22.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,290 shares of the biopharmaceutical company’s stock after selling 6,879 shares during the quarter. Fairvoy Private Wealth LLC’s holdings in Incyte were worth $2,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Elyxium Wealth LLC acquired a new stake in Incyte in the fourth quarter worth about $28,000. Smithfield Trust Co increased its holdings in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in shares of Incyte during the second quarter valued at about $32,000. CYBER HORNET ETFs LLC purchased a new position in shares of Incyte in the 2nd quarter valued at approximately $33,000. Finally, Leonteq Securities AG purchased a new position in shares of Incyte in the 4th quarter valued at approximately $35,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on INCY shares. UBS Group dropped their target price on shares of Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 25th. Sanford C. Bernstein started coverage on shares of Incyte in a report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price target for the company. Stifel Nicolaus set a $123.00 price objective on shares of Incyte in a research note on Tuesday, June 9th. Truist Financial boosted their price objective on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday. Finally, Oppenheimer reissued a “market perform” rating and issued a $107.00 target price on shares of Incyte in a research report on Monday, June 8th. Eight research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and a consensus price target of $106.90.

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Incyte Trading Down 0.9%

Incyte stock opened at $107.53 on Friday. The stock has a 50-day moving average price of $98.95 and a 200 day moving average price of $99.07. The company has a market capitalization of $21.48 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 1.06 and a beta of 0.79. Incyte Corporation has a 52 week low of $66.83 and a 52 week high of $112.29. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the company earned $1.16 EPS. Incyte’s quarterly revenue was up 20.9% on a year-over-year basis. Sell-side analysts anticipate that Incyte Corporation will post 6.61 EPS for the current year.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.