Edgestream Partners L.P. Makes New Investment in Incyte Co. (NASDAQ:INCY)

Edgestream Partners L.P. bought a new stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 22,408 shares of the biopharmaceutical company's stock, valued at approximately $1,481,000.

Several other institutional investors and hedge funds also recently made changes to their positions in INCY. Haverford Trust Co increased its stake in Incyte by 1.8% in the 3rd quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company's stock valued at $515,000 after buying an additional 135 shares during the period. V Square Quantitative Management LLC grew its stake in shares of Incyte by 4.1% in the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company's stock valued at $262,000 after buying an additional 155 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its stake in Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company's stock valued at $37,000 after buying an additional 164 shares during the period. Ballentine Partners LLC lifted its position in Incyte by 4.0% during the second quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company's stock valued at $287,000 after purchasing an additional 182 shares during the last quarter. Finally, Tectonic Advisors LLC lifted its stake in shares of Incyte by 1.6% in the third quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company's stock worth $819,000 after buying an additional 190 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Incyte Stock Up 3.6 %

Shares of INCY traded up $2.59 during trading on Wednesday, reaching $74.62. The company's stock had a trading volume of 2,615,129 shares, compared to its average volume of 2,356,528. The company has a fifty day moving average of $71.34 and a two-hundred day moving average of $65.51. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95. The company has a market cap of $14.38 billion, a price-to-earnings ratio of 533.04, a P/E/G ratio of 8.44 and a beta of 0.69. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the business posted $0.91 earnings per share. The firm's quarterly revenue was up 23.8% on a year-over-year basis. On average, sell-side analysts predict that Incyte Co. will post 0.4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on INCY shares. StockNews.com raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a report on Thursday, November 28th. BMO Capital Markets restated an "underperform" rating and issued a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. Bank of America raised Incyte from a "neutral" rating to a "buy" rating and increased their price target for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. Royal Bank of Canada lifted their price target on shares of Incyte from $72.00 to $80.00 and gave the stock a "sector perform" rating in a report on Thursday, November 14th. Finally, Wolfe Research started coverage on shares of Incyte in a report on Tuesday, October 1st. They set an "outperform" rating and a $84.00 target price for the company. One analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Incyte presently has an average rating of "Hold" and a consensus price target of $77.16.

Insider Buying and Selling

In related news, EVP Vijay K. Iyengar sold 6,043 shares of the firm's stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the sale, the executive vice president now directly owns 30,658 shares in the company, valued at approximately $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,745 shares of company stock valued at $1,311,687 over the last three months. Corporate insiders own 17.60% of the company's stock.

Incyte Company 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.