Pacer Advisors Inc. Buys 2,676,851 Shares of Incyte Co. (NASDAQ:INCY)

Pacer Advisors Inc. increased its stake in Incyte Co. (NASDAQ:INCY) by 17,460.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,692,182 shares of the biopharmaceutical company’s stock after acquiring an additional 2,676,851 shares during the period. Pacer Advisors Inc. owned about 1.20% of Incyte worth $163,200,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Cape Investment Advisory Inc. bought a new stake in Incyte in the fourth quarter valued at approximately $25,000. MFA Wealth Advisors LLC bought a new stake in Incyte during the 2nd quarter valued at $26,000. Redmont Wealth Advisors LLC purchased a new stake in Incyte during the 1st quarter valued at $28,000. Riverview Trust Co bought a new stake in Incyte in the 1st quarter worth $29,000. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Incyte in the first quarter valued at about $32,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Stock Down 1.6 %

Shares of Incyte stock opened at $65.74 on Friday. The company has a 50-day simple moving average of $64.37 and a two-hundred day simple moving average of $59.79. Incyte Co. has a 52-week low of $50.27 and a 52-week high of $70.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The stock has a market capitalization of $14.76 billion, a PE ratio of 19.92, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the company earned $0.77 earnings per share. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, analysts anticipate that Incyte Co. will post 0.67 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the transaction, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Incyte news, EVP Barry P. Flannelly sold 8,148 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the sale, the executive vice president now directly owns 50,534 shares in the company, valued at approximately $3,032,040. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares in the company, valued at approximately $2,569,070. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,047 shares of company stock worth $2,225,626. Company insiders own 17.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on INCY shares. Truist Financial reissued a “hold” rating and issued a $74.00 target price (down from $83.00) on shares of Incyte in a research note on Wednesday. Oppenheimer reduced their target price on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Bank of America raised their price target on Incyte from $66.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Citigroup lifted their price target on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, BMO Capital Markets reaffirmed an “underperform” rating and issued a $48.00 target price (down from $52.00) on shares of Incyte in a research report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $73.24.

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.