Raymond James Financial Inc. Invests $3.62 Million in Incyte Co. (NASDAQ:INCY)

Raymond James Financial Inc. purchased a new stake in Incyte Co. (NASDAQ:INCY) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 52,449 shares of the biopharmaceutical company’s stock, valued at approximately $3,623,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Arizona State Retirement System lifted its holdings in Incyte by 1.9% in the fourth quarter. Arizona State Retirement System now owns 47,516 shares of the biopharmaceutical company’s stock worth $3,282,000 after acquiring an additional 869 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Incyte during the 4th quarter worth approximately $3,549,000. Victory Capital Management Inc. raised its position in shares of Incyte by 11.1% during the 4th quarter. Victory Capital Management Inc. now owns 119,358 shares of the biopharmaceutical company’s stock worth $8,244,000 after purchasing an additional 11,902 shares during the period. Commerzbank Aktiengesellschaft FI bought a new stake in shares of Incyte in the 4th quarter worth approximately $212,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Incyte by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company’s stock valued at $113,487,000 after purchasing an additional 33,847 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Incyte

In other news, EVP Sheila A. Denton sold 14,069 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the sale, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at $1,914,561.36. This represents a 35.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now directly owns 33,567 shares in the company, valued at $2,272,150.23. This represents a 37.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,827 shares of company stock valued at $3,322,618 in the last quarter. Insiders own 17.60% of the company’s stock.

Incyte Stock Down 0.9 %

Shares of INCY stock opened at $60.68 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The stock has a market cap of $11.74 billion, a PE ratio of 224.75, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The business’s fifty day moving average is $69.76 and its 200-day moving average is $70.05. Incyte Co. has a 1 year low of $50.35 and a 1 year high of $83.95.

Incyte (NASDAQ:INCY) last released its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Equities analysts expect that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on INCY shares. Truist Financial dropped their target price on Incyte from $74.00 to $72.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Royal Bank of Canada dropped their price objective on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 11th. Guggenheim downgraded shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price objective on the stock. in a research report on Tuesday, March 18th. StockNews.com cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Finally, William Blair cut Incyte from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and an average target price of $74.88.

About Incyte

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.