Proficio Capital Partners LLC Makes New Investment in Incyte Co. (NASDAQ:INCY)

Proficio Capital Partners LLC purchased a new position in shares of Incyte Co. (NASDAQ:INCY - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 51,388 shares of the biopharmaceutical company's stock, valued at approximately $3,549,000.

Several other institutional investors have also made changes to their positions in INCY. Retirement Systems of Alabama increased its position in Incyte by 0.4% during the fourth quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company's stock worth $2,391,000 after buying an additional 139 shares during the last quarter. Trust Point Inc. lifted its holdings in Incyte by 5.0% in the 4th quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company's stock worth $227,000 after purchasing an additional 156 shares during the last quarter. Mather Group LLC. boosted its position in Incyte by 26.4% during the fourth quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company's stock worth $57,000 after purchasing an additional 173 shares during the period. 180 Wealth Advisors LLC lifted its stake in shares of Incyte by 3.9% in the fourth quarter. 180 Wealth Advisors LLC now owns 5,231 shares of the biopharmaceutical company's stock worth $361,000 after buying an additional 195 shares during the last quarter. Finally, Catalyst Financial Partners LLC lifted its stake in shares of Incyte by 2.7% in the fourth quarter. Catalyst Financial Partners LLC now owns 7,493 shares of the biopharmaceutical company's stock worth $518,000 after buying an additional 200 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the sale, the executive vice president now directly owns 25,848 shares in the company, valued at $1,809,101.52. This represents a 2.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,827 shares of company stock valued at $3,322,618. 17.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company raised their price target on Incyte from $68.00 to $70.00 and gave the company an "equal weight" rating in a research report on Thursday, December 19th. Stifel Nicolaus raised their target price on Incyte from $75.00 to $77.00 and gave the company a "hold" rating in a report on Monday, February 10th. Truist Financial cut their price target on Incyte from $74.00 to $72.00 and set a "hold" rating for the company in a report on Tuesday. Citigroup lowered their price objective on shares of Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a research note on Tuesday, February 11th. Finally, UBS Group assumed coverage on shares of Incyte in a research note on Tuesday, December 17th. They set a "neutral" rating and a $77.00 target price for the company. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Incyte presently has a consensus rating of "Hold" and a consensus target price of $75.13.

Incyte Stock Performance

Shares of INCY traded up $1.34 during mid-day trading on Friday, reaching $61.92. The company's stock had a trading volume of 4,237,280 shares, compared to its average volume of 2,258,320. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. The stock has a market cap of $11.98 billion, a P/E ratio of 229.34, a PEG ratio of 0.41 and a beta of 0.76. Incyte Co. has a 1-year low of $50.35 and a 1-year high of $83.95. The business has a 50-day simple moving average of $70.78 and a two-hundred day simple moving average of $70.13.

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