Pallas Capital Advisors LLC Makes New $1.01 Million Investment in Incyte Co. (NASDAQ:INCY)

Pallas Capital Advisors LLC bought a new stake in Incyte Co. (NASDAQ:INCY - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 14,571 shares of the biopharmaceutical company's stock, valued at approximately $1,006,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in INCY. Brooklyn Investment Group bought a new position in Incyte during the third quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Incyte in the third quarter valued at approximately $33,000. Cromwell Holdings LLC increased its holdings in Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company's stock worth $37,000 after buying an additional 283 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of Incyte in the 2nd quarter valued at about $36,000. Finally, Capital Performance Advisors LLP bought a new position in shares of Incyte during the 3rd quarter worth approximately $45,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Down 0.6 %

NASDAQ INCY traded down $0.44 during trading hours on Tuesday, reaching $71.93. 1,595,842 shares of the company's stock traded hands, compared to its average volume of 1,650,479. Incyte Co. has a 52-week low of $50.35 and a 52-week high of $83.95. The firm has a 50-day simple moving average of $72.95 and a 200 day simple moving average of $67.78. The firm has a market cap of $13.86 billion, a PE ratio of 513.82, a PEG ratio of 7.90 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82.

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

Insider Activity

In other news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte 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 sale, the executive vice president now owns 30,658 shares in the company, valued at $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were 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 position. The disclosure for this sale can be found here. Insiders sold 11,023 shares of company stock valued at $839,711 in the last quarter. 17.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on INCY. Truist Financial reissued a "hold" rating and issued a $74.00 price target (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Citigroup upped their price target on shares of Incyte from $92.00 to $97.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Wolfe Research started coverage on Incyte in a research note on Tuesday, October 1st. They issued an "outperform" rating and a $84.00 price objective on the stock. William Blair reiterated an "outperform" rating on shares of Incyte in a report on Friday, December 13th. Finally, UBS Group started coverage on shares of Incyte in a report on Tuesday, December 17th. They issued a "neutral" rating and a $77.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $76.29.

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.