Palouse Capital Management Inc. Sells 799 Shares of Incyte Co. (NASDAQ:INCY)

Palouse Capital Management Inc. reduced its position in Incyte Co. (NASDAQ:INCY) by 4.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,083 shares of the biopharmaceutical company’s stock after selling 799 shares during the quarter. Palouse Capital Management Inc.’s holdings in Incyte were worth $1,095,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Quintet Private Bank Europe S.A. acquired a new position in Incyte during the fourth quarter worth $26,000. Raiffeisen Bank International AG acquired a new position in Incyte during the fourth quarter worth $34,000. Bradley & Co. Private Wealth Management LLC acquired a new position in Incyte during the fourth quarter worth $42,000. NBC Securities Inc. increased its stake in shares of Incyte by 88,200.0% in the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company’s stock valued at $53,000 after buying an additional 882 shares in the last quarter. Finally, Huntington National Bank increased its stake in shares of Incyte by 40.7% in the fourth quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company’s stock valued at $65,000 after buying an additional 270 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on INCY. William Blair lowered Incyte from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 18th. Citigroup restated a “buy” rating on shares of Incyte in a research note on Tuesday, June 3rd. Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. Morgan Stanley lowered their target price on Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, March 24th. Finally, Wells Fargo & Company raised their target price on Incyte from $58.00 to $59.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $72.53.

Incyte Trading Down 2.1%

NASDAQ:INCY opened at $67.75 on Friday. Incyte Co. has a fifty-two week low of $53.56 and a fifty-two week high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The stock has a market capitalization of $13.11 billion, a PE ratio of 250.94, a price-to-earnings-growth ratio of 0.41 and a beta of 0.67. The business’s 50-day simple moving average is $62.30 and its 200-day simple moving average is $67.09.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.15. Incyte had a return on equity of 0.05% and a net margin of 0.77%. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $996.17 million. During the same quarter in the previous year, the business posted $0.64 EPS. Incyte’s revenue for the quarter was up 19.5% on a year-over-year basis. Sell-side analysts expect that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

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.