Allstate Corp Invests $341,000 in Incyte Co. (NASDAQ:INCY)

Allstate Corp bought a new stake in Incyte Co. (NASDAQ:INCY - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 4,931 shares of the biopharmaceutical company's stock, valued at approximately $341,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Quintet Private Bank Europe S.A. acquired a new stake in shares of Incyte during the fourth quarter worth about $26,000. Global X Japan Co. Ltd. increased its position in Incyte by 144.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company's stock worth $27,000 after buying an additional 230 shares during the period. R Squared Ltd purchased a new stake in Incyte in the fourth quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Incyte in the third quarter valued at approximately $33,000. Finally, Blue Trust Inc. grew its position in shares of Incyte by 124.6% during the fourth quarter. Blue Trust Inc. now owns 593 shares of the biopharmaceutical company's stock worth $39,000 after acquiring an additional 329 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Incyte

In other Incyte news, EVP Sheila A. Denton sold 14,069 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the transaction, the executive vice president now owns 25,848 shares of the company's stock, valued at approximately $1,914,561.36. This trade represents a 35.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Barry P. Flannelly sold 19,807 shares of the company's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the sale, the executive vice president now owns 33,567 shares in the company, valued at $2,272,150.23. This represents a 37.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,827 shares of company stock valued at $3,322,618 in the last 90 days. 17.60% of the stock is currently owned by insiders.

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Analyst Upgrades and Downgrades

A number of analysts recently weighed in on INCY shares. Wells Fargo & Company increased their price target on shares of Incyte from $68.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Thursday, December 19th. Citigroup dropped their price target on Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a research report on Tuesday, February 11th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Incyte in a research note on Friday, January 10th. Truist Financial lowered their target price on Incyte from $74.00 to $72.00 and set a "hold" rating on the stock in a research note on Tuesday, March 18th. Finally, Guggenheim cut Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price target for the company. in a research note on Tuesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Incyte has an average rating of "Hold" and an average price target of $74.88.

Incyte Price Performance

Incyte stock traded down $0.29 during mid-day trading on Monday, reaching $60.29. The company had a trading volume of 2,389,833 shares, compared to its average volume of 2,351,612. The stock's 50-day simple moving average is $68.17 and its 200-day simple moving average is $69.96. The company has a market capitalization of $11.67 billion, a P/E ratio of 223.30, a P/E/G ratio of 0.41 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. Incyte Co. has a 1 year low of $50.35 and a 1 year high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. On average, equities analysts predict that Incyte Co. will post 4.86 EPS for the current 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.