Tectonic Advisors LLC Acquires Shares of 10,839 Incyte Co. (NASDAQ:INCY)

Tectonic Advisors LLC bought a new position in shares of Incyte Co. (NASDAQ:INCY) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,839 shares of the biopharmaceutical company’s stock, valued at approximately $617,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Wellington Management Group LLP lifted its holdings in Incyte by 48.8% in the fourth quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock valued at $8,266,000 after acquiring an additional 43,160 shares during the period. Fulton Bank N.A. acquired a new position in shares of Incyte during the 1st quarter worth approximately $1,425,000. ARK Investment Management LLC lifted its stake in Incyte by 7.7% in the 4th quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company’s stock valued at $33,381,000 after buying an additional 37,932 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Incyte by 29.3% during the 4th quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock valued at $60,465,000 after buying an additional 217,979 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new position in Incyte during the fourth quarter worth $2,033,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Transactions at Incyte

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 shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Barry P. Flannelly sold 19,164 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 66,377 shares in the company, valued at approximately $3,982,620. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $3,032,040. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,405 shares of company stock valued at $1,703,109. 17.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on INCY shares. Oppenheimer reduced their price objective on Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $65.00 price target on shares of Incyte in a report on Monday, March 25th. Deutsche Bank Aktiengesellschaft began coverage on shares of Incyte in a research report on Thursday, May 23rd. They issued a “hold” rating and a $55.00 price objective for the company. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 2nd. Finally, Truist Financial reiterated a “buy” rating and issued a $83.00 price target (down from $84.00) on shares of Incyte in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Incyte presently has a consensus rating of “Hold” and an average price target of $73.44.

Incyte Stock Performance

Shares of NASDAQ:INCY traded up $1.37 on Friday, reaching $63.66. 1,934,890 shares of the company’s stock were exchanged, compared to its average volume of 3,376,459. Incyte Co. has a fifty-two week low of $50.27 and a fifty-two week high of $67.36. The business’s 50-day moving average is $58.91 and its two-hundred day moving average is $58.57. The company has a quick ratio of 3.43, a current ratio of 3.47 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $14.29 billion, a price-to-earnings ratio of 19.29, a PEG ratio of 1.37 and a beta of 0.73.

Incyte (NASDAQ:INCY) last issued 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). The company had revenue of $880.89 million during the quarter, compared to analyst estimates of $935.85 million. Incyte had a return on equity of 12.83% and a net margin of 19.78%. As a group, equities research analysts forecast that Incyte Co. will post 3.57 EPS for the current year.

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.