ProShare Advisors LLC Has $2.98 Million Position in Incyte Corporation $INCY

ProShare Advisors LLC increased its holdings in Incyte Corporation (NASDAQ:INCY) by 1.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,708 shares of the biopharmaceutical company’s stock after purchasing an additional 751 shares during the period. ProShare Advisors LLC’s holdings in Incyte were worth $2,977,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC bought a new position in shares of Incyte during the 2nd quarter worth approximately $27,000. Banque Transatlantique SA acquired a new position in Incyte during the first quarter worth $26,000. Hilltop National Bank bought a new position in shares of Incyte during the second quarter valued at $37,000. SVB Wealth LLC acquired a new stake in shares of Incyte in the 1st quarter valued at $39,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Incyte by 350.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 588 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on INCY shares. Piper Sandler lifted their price target on shares of Incyte from $82.00 to $102.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Incyte in a report on Wednesday, October 8th. Barclays boosted their target price on Incyte from $90.00 to $101.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. JPMorgan Chase & Co. boosted their target price on Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Finally, UBS Group restated a “neutral” rating and set a $68.00 price target (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $92.77.

Insider Buying and Selling

In other Incyte news, EVP Sheila A. Denton sold 598 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total value of $60,613.28. Following the transaction, the executive vice president owned 26,569 shares of the company’s stock, valued at approximately $2,693,033.84. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lee Heeson sold 3,074 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $94.02, for a total value of $289,017.48. Following the transaction, the executive vice president owned 29,241 shares in the company, valued at approximately $2,749,238.82. This trade represents a 9.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 4,227 shares of company stock valued at $396,327. 17.80% of the stock is currently owned by insiders.

Incyte Stock Down 1.2%

NASDAQ:INCY opened at $104.15 on Friday. The company has a market cap of $20.45 billion, a price-to-earnings ratio of 17.45, a P/E/G ratio of 0.70 and a beta of 0.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 3.20. The stock’s fifty day moving average price is $90.34 and its two-hundred day moving average price is $78.13. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $109.28.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.61. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. On average, analysts anticipate that Incyte Corporation will post 4.86 EPS for the current 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.