Janney Montgomery Scott LLC Boosts Stock Position in Incyte Corporation $INCY

Janney Montgomery Scott LLC increased its stake in Incyte Corporation (NASDAQ:INCY) by 14.1% in the 1st quarter, Holdings Channel.com reports. The fund owned 55,431 shares of the biopharmaceutical company’s stock after acquiring an additional 6,869 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Incyte were worth $5,217,000 at the end of the most recent reporting period.

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

Incyte Stock Performance

NASDAQ:INCY opened at $116.86 on Monday. Incyte Corporation has a fifty-two week low of $66.85 and a fifty-two week high of $118.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The company has a 50 day moving average price of $101.13 and a 200 day moving average price of $99.86. The stock has a market capitalization of $23.35 billion, a P/E ratio of 16.51, a PEG ratio of 1.07 and a beta of 0.76.

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

Insider Transactions at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the sale, the insider directly owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a document filed 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 corporate insiders.

Analysts Set New Price Targets

Several research firms recently commented on INCY. HC Wainwright reissued a “buy” rating and issued a $140.00 price objective on shares of Incyte in a research note on Wednesday, June 24th. Truist Financial upped their target price on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. UBS Group increased their target price on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. TD Cowen restated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Finally, Sanford C. Bernstein assumed coverage on shares of Incyte in a research note on Thursday, May 21st. They set a “market perform” rating and a $99.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $107.85.

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.