Incyte Corporation $INCY Stock Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lowered its stake in shares of Incyte Corporation (NASDAQ:INCY) by 7.2% during the third quarter, Holdings Channel reports. The firm owned 63,716 shares of the biopharmaceutical company’s stock after selling 4,917 shares during the period. Pinnacle Associates Ltd.’s holdings in Incyte were worth $7,732,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Fiduciary Financial Advisors acquired a new stake in Incyte during the 2nd quarter worth $26,000. Continuum Advisory LLC purchased a new stake in Incyte in the second quarter valued at $36,000. Quantbot Technologies LP purchased a new stake in Incyte in the second quarter valued at $52,000. Contravisory Investment Management Inc. acquired a new position in Incyte in the third quarter valued at $82,000. Finally, Parkside Financial Bank & Trust boosted its stake in Incyte by 49.0% in the second quarter. Parkside Financial Bank & Trust now owns 727 shares of the biopharmaceutical company’s stock valued at $82,000 after acquiring an additional 239 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on INCY. TD Cowen raised their price objective on Incyte from $138.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday. Raymond James Financial set a $152.00 target price on Incyte in a report on Friday, October 16th. Weiss Ratings raised Incyte from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Citigroup reissued a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Finally, Benchmark reissued a “buy” rating on shares of Incyte in a research report on Tuesday, October 13th. Twelve investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $129.90.

Insiders Place Their Bets

In other news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. This trade represents a 5.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 55,342 shares of company stock worth $6,659,208. 16.20% of the stock is currently owned by company insiders.

Incyte Price Performance

Shares of Incyte stock opened at $113.44 on Thursday. The firm’s fifty day simple moving average is $121.56 and its 200-day simple moving average is $111.33. The stock has a market capitalization of $22.99 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 4.17 and a beta of 0.74. Incyte Corporation has a 12 month low of $84.02 and a 12 month high of $132.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.57 EPS. Analysts anticipate that Incyte Corporation will post 2.28 earnings per share for the current year.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.