Redmont Wealth Advisors LLC Buys New Position in Incyte Co. (NASDAQ:INCY)

Redmont Wealth Advisors LLC purchased a new stake in Incyte Co. (NASDAQ:INCY) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 500 shares of the biopharmaceutical company’s stock, valued at approximately $28,000.

A number of other hedge funds also recently bought and sold shares of INCY. Mariner LLC raised its position in Incyte by 12.4% in the 3rd quarter. Mariner LLC now owns 8,202 shares of the biopharmaceutical company’s stock valued at $474,000 after purchasing an additional 903 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Incyte by 44.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 11,634 shares of the biopharmaceutical company’s stock valued at $672,000 after purchasing an additional 3,605 shares in the last quarter. Bank of Nova Scotia raised its position in Incyte by 14.8% in the 3rd quarter. Bank of Nova Scotia now owns 24,541 shares of the biopharmaceutical company’s stock valued at $1,418,000 after purchasing an additional 3,172 shares in the last quarter. Lazard Asset Management LLC raised its position in Incyte by 746.0% in the 3rd quarter. Lazard Asset Management LLC now owns 99,298 shares of the biopharmaceutical company’s stock valued at $5,736,000 after purchasing an additional 87,560 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of Incyte by 2.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 23,688 shares of the biopharmaceutical company’s stock worth $1,368,000 after acquiring an additional 658 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Trading Down 2.3 %

Shares of INCY stock opened at $57.66 on Thursday. The business’s 50 day moving average is $57.73 and its two-hundred day moving average is $58.66. Incyte Co. has a twelve month low of $50.27 and a twelve month high of $67.36. The company has a market capitalization of $12.95 billion, a P/E ratio of 17.47, a price-to-earnings-growth ratio of 1.27 and a beta of 0.73. The company has a current ratio of 3.47, a quick ratio of 3.43 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.31). Incyte had a net margin of 19.78% and a return on equity of 12.83%. The company had revenue of $880.89 million during the quarter, compared to analysts’ expectations of $935.85 million. Equities analysts forecast that Incyte Co. will post 3.57 EPS for the current year.

Wall Street Analyst Weigh In

INCY has been the topic of several research analyst reports. Bank of America cut their target price on Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. BMO Capital Markets reissued an “underperform” rating and set a $48.00 target price (down previously from $52.00) on shares of Incyte in a research report on Tuesday. Truist Financial reissued a “buy” rating and set a $83.00 target price (down previously from $84.00) on shares of Incyte in a research report on Wednesday, May 1st. StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 2nd. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research report on Tuesday, June 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $73.44.

Insider Activity at Incyte

In related news, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the sale, the insider now directly owns 21,634 shares in the company, valued at $1,274,458.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Barry P. Flannelly sold 19,164 shares of Incyte stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total value of $1,149,840.00. Following the sale, the executive vice president now directly owns 66,377 shares in the company, valued at $3,982,620. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Thomas Tray sold 1,093 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the sale, the insider now owns 21,634 shares in the company, valued at $1,274,458.94. The disclosure for this sale can be found here. Company insiders own 17.50% of the company’s stock.

Incyte Company 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.