First Trust Direct Indexing L.P. Increases Stock Holdings in Incyte Co. (NASDAQ:INCY)

First Trust Direct Indexing L.P. increased its holdings in Incyte Co. (NASDAQ:INCY) by 10.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,271 shares of the biopharmaceutical company’s stock after buying an additional 2,817 shares during the period. First Trust Direct Indexing L.P.’s holdings in Incyte were worth $1,725,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cape Investment Advisory Inc. purchased a new position in Incyte during the fourth quarter worth $25,000. Larson Financial Group LLC raised its stake in Incyte by 4,220.0% in the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 422 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new position in Incyte in the 1st quarter valued at about $28,000. Riverview Trust Co acquired a new stake in shares of Incyte during the 1st quarter worth about $29,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Incyte during the fourth quarter worth about $31,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Barry P. Flannelly sold 19,164 shares of Incyte stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the sale, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at $3,982,620. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Thomas Tray sold 1,093 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the sale, the insider now owns 21,634 shares of the company’s stock, valued at approximately $1,274,458.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 19,164 shares of the stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the transaction, the executive vice president now directly owns 66,377 shares in the company, valued at approximately $3,982,620. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INCY. Deutsche Bank Aktiengesellschaft started coverage on shares of Incyte in a research report on Thursday, May 23rd. They set a “hold” rating and a $55.00 target price on the stock. TD Cowen lowered their price objective on Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Truist Financial reiterated a “buy” rating and set a $83.00 target price (down from $84.00) on shares of Incyte in a research report on Wednesday, May 1st. Oppenheimer lowered their price target on Incyte from $92.00 to $84.00 and set an “outperform” rating for the company in a report on Wednesday, April 24th. Finally, StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Incyte currently has an average rating of “Hold” and a consensus price target of $73.44.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $57.66 on Friday. The business’s 50-day simple moving average is $57.98 and its 200 day simple moving average is $58.65. The company has a market cap of $12.95 billion, a P/E ratio of 17.47, a PEG ratio of 1.24 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.43 and a current ratio of 3.47. Incyte Co. has a one year low of $50.27 and a one year high of $67.36.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.31). The firm had revenue of $880.89 million for the quarter, compared to analysts’ expectations of $935.85 million. Incyte had a net margin of 19.78% and a return on equity of 12.83%. On average, sell-side analysts forecast that Incyte Co. will post 3.57 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.