Truist Financial Corp Takes $1.12 Million Position in Incyte Co. (NASDAQ:INCY)

Truist Financial Corp purchased a new position in shares of Incyte Co. (NASDAQ:INCY - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 18,501 shares of the biopharmaceutical company's stock, valued at approximately $1,122,000.

A number of other institutional investors have also recently bought and sold shares of INCY. MFA Wealth Advisors LLC acquired a new stake in shares of Incyte during the 2nd quarter worth about $26,000. Redmont Wealth Advisors LLC acquired a new stake in Incyte during the first quarter worth approximately $28,000. Riverview Trust Co bought a new stake in shares of Incyte during the first quarter worth approximately $29,000. Innealta Capital LLC acquired a new position in shares of Incyte in the second quarter valued at approximately $32,000. Finally, Fidelis Capital Partners LLC bought a new position in shares of Incyte during the first quarter worth approximately $32,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on INCY. Bank of America increased their price objective on Incyte from $66.00 to $68.00 and gave the stock a "neutral" rating in a research report on Monday, September 16th. BMO Capital Markets reiterated an "underperform" rating and issued a $48.00 price objective (down previously from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Wells Fargo & Company lowered their target price on shares of Incyte from $63.00 to $62.00 and set an "equal weight" rating on the stock in a report on Thursday. Wolfe Research began coverage on Incyte in a research note on Tuesday, October 1st. They issued an "outperform" rating and a $84.00 price target for the company. Finally, Citigroup raised their price objective on Incyte from $80.00 to $88.00 and gave the stock a "buy" rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Incyte has a consensus rating of "Hold" and an average target price of $73.21.

Insider Activity at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of the business's stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total value of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares of the company's stock, valued at approximately $3,725,715.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of Incyte stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the completion of the sale, the executive vice president now directly owns 58,042 shares of the company's stock, valued at approximately $3,725,715.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 15,571 shares of the company's stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the transaction, the executive vice president now owns 36,701 shares in the company, valued at $2,569,070. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,899 shares of company stock worth $1,736,746 in the last 90 days. Corporate insiders own 17.50% of the company's stock.

Incyte Trading Down 1.0 %

Shares of NASDAQ INCY traded down $0.68 during midday trading on Monday, reaching $65.44. The stock had a trading volume of 748,152 shares, compared to its average volume of 2,385,809. The company's 50 day moving average price is $64.30 and its 200 day moving average price is $60.59. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. Incyte Co. has a twelve month low of $50.27 and a twelve month high of $70.36. The firm has a market cap of $14.69 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 5.30 and a beta of 0.73.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period last year, the company posted $0.77 EPS. The business's revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts expect that Incyte Co. will post 0.66 EPS for the current year.

About Incyte

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.