Incyte Co. (NASDAQ:INCY) Stake Boosted by National Bank of Canada FI

National Bank of Canada FI grew its stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 86.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 81,728 shares of the biopharmaceutical company's stock after purchasing an additional 37,809 shares during the quarter. National Bank of Canada FI's holdings in Incyte were worth $5,402,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MFA Wealth Advisors LLC purchased a new stake in shares of Incyte in the second quarter valued at $26,000. Brooklyn Investment Group bought a new position in shares of Incyte in the 3rd quarter valued at approximately $30,000. Innealta Capital LLC bought a new position in Incyte in the 2nd quarter worth $32,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Incyte in the third quarter worth about $33,000. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Incyte in the second quarter valued at approximately $36,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Bank of America raised shares of Incyte from a "neutral" rating to a "buy" rating and upped their target price for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. Morgan Stanley lifted their target price on Incyte from $64.00 to $69.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 30th. The Goldman Sachs Group increased their price target on Incyte from $63.00 to $70.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Citigroup lifted their price target on shares of Incyte from $92.00 to $97.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Finally, Truist Financial reiterated a "hold" rating and issued a $74.00 price objective (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. 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. According to data from MarketBeat, Incyte presently has an average rating of "Hold" and a consensus target price of $77.16.

Insider Buying and Selling

In other news, EVP Barry P. Flannelly sold 3,680 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the transaction, the executive vice president now owns 58,042 shares of the company's stock, valued at approximately $4,624,786.56. The trade was a 5.96 % 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 6,043 shares of the company's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the transaction, 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 disclosure for this sale can be found here. 17.60% of the stock is currently owned by company insiders.

Incyte Stock Down 3.2 %

INCY stock traded down $2.28 during trading on Friday, hitting $68.55. 1,714,695 shares of the company's stock traded hands, compared to its average volume of 2,333,822. The firm has a market capitalization of $13.21 billion, a P/E ratio of 496.43, a PEG ratio of 8.36 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. The business has a fifty day simple moving average of $72.12 and a two-hundred day simple moving average of $66.10. 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 results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the company posted $0.91 EPS. Incyte's quarterly revenue was up 23.8% compared to the same quarter last year. Sell-side analysts anticipate that Incyte Co. will post 0.4 EPS for the current year.

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.