Incyte Co. (NASDAQ:INCY) Stake Decreased by Federated Hermes Inc.

Federated Hermes Inc. lessened its stake in shares of Incyte Co. (NASDAQ:INCY) by 8.3% during the second quarter, Holdings Channel.com reports. The fund owned 858,147 shares of the biopharmaceutical company’s stock after selling 77,223 shares during the period. Federated Hermes Inc.’s holdings in Incyte were worth $52,021,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Cape Investment Advisory Inc. purchased a new position in Incyte during the 4th quarter worth approximately $25,000. MFA Wealth Advisors LLC bought a new position in Incyte in the 2nd quarter worth $26,000. Redmont Wealth Advisors LLC bought a new position in shares of Incyte during the 1st quarter worth about $28,000. Riverview Trust Co bought a new position in shares of Incyte during the 1st quarter worth about $29,000. Finally, Fidelis Capital Partners LLC acquired a new position in Incyte in the first quarter worth about $32,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INCY. Oppenheimer dropped their price objective on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Citigroup raised their price objective on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their price objective on shares of Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $67.00 price objective on shares of Incyte in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus price target of $73.29.

Incyte Trading Up 0.3 %

Shares of NASDAQ:INCY opened at $63.56 on Friday. Incyte Co. has a 12 month low of $50.27 and a 12 month high of $70.36. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The company’s fifty day simple moving average is $63.87 and its 200 day simple moving average is $59.57. The firm has a market cap of $14.27 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 5.03 and a beta of 0.73.

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

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 1,306 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the sale, the executive vice president now directly owns 58,042 shares in the company, valued at $3,725,715.98. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of Incyte stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the sale, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $3,725,715.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vijay K. Iyengar sold 15,571 shares of Incyte stock in a transaction 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 sale, the executive vice president now owns 36,701 shares in the company, valued at $2,569,070. The disclosure for this sale can be found here. Insiders have sold a total of 25,025 shares of company stock worth $1,662,682 over the last ninety days. Company insiders own 17.50% of the company’s stock.

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.