PAX Financial Group LLC Decreases Stake in Incyte Corporation $INCY

PAX Financial Group LLC decreased its stake in Incyte Corporation (NASDAQ:INCY) by 28.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,051 shares of the biopharmaceutical company’s stock after selling 4,026 shares during the period. PAX Financial Group LLC’s holdings in Incyte were worth $684,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in INCY. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Incyte by 0.9% in the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 170,982 shares of the biopharmaceutical company’s stock valued at $11,644,000 after buying an additional 1,581 shares in the last quarter. Westpac Banking Corp purchased a new position in Incyte in the 2nd quarter valued at approximately $1,506,000. Rockefeller Capital Management L.P. raised its holdings in Incyte by 2.0% during the second quarter. Rockefeller Capital Management L.P. now owns 43,570 shares of the biopharmaceutical company’s stock worth $2,967,000 after purchasing an additional 864 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its position in Incyte by 5.5% during the second quarter. Ontario Teachers Pension Plan Board now owns 72,671 shares of the biopharmaceutical company’s stock worth $4,949,000 after purchasing an additional 3,756 shares in the last quarter. Finally, Intech Investment Management LLC grew its holdings in Incyte by 109.5% in the second quarter. Intech Investment Management LLC now owns 69,779 shares of the biopharmaceutical company’s stock valued at $4,752,000 after purchasing an additional 36,471 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Buying and Selling at Incyte

In other news, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total transaction of $60,613.28. Following the completion of the sale, the executive vice president directly owned 26,569 shares in the company, valued at $2,693,033.84. This represents a 2.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Lee Heeson sold 3,074 shares of Incyte stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total value of $289,017.48. Following the completion of the transaction, the executive vice president owned 29,241 shares in the company, valued at $2,749,238.82. The trade was a 9.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,227 shares of company stock valued at $396,327 over the last three months. Corporate insiders own 17.80% of the company’s stock.

Incyte Stock Down 1.2%

Shares of NASDAQ INCY opened at $104.15 on Monday. The firm has a market cap of $20.45 billion, a P/E ratio of 17.45, a price-to-earnings-growth 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. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $109.28. The firm’s 50 day moving average price is $90.34 and its 200 day moving average price is $78.24.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Piper Sandler lifted their price target on Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. UBS Group restated a “neutral” rating and set a $68.00 target price (up previously from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Truist Financial restated a “hold” rating and set a $93.00 price objective (up from $79.00) on shares of Incyte in a research report on Wednesday, October 29th. Finally, BMO Capital Markets reaffirmed an “underperform” rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $92.77.

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.