Zurcher Kantonalbank Zurich Cantonalbank Acquires 37,132 Shares of Incyte Co. (NASDAQ:INCY)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Incyte Co. (NASDAQ:INCY) by 30.1% in the third quarter, HoldingsChannel reports. The firm owned 160,415 shares of the biopharmaceutical company’s stock after purchasing an additional 37,132 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Incyte were worth $10,603,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of INCY. MFA Wealth Advisors LLC bought a new stake in shares of Incyte during the 2nd quarter worth about $26,000. Brooklyn Investment Group bought a new position in Incyte in the 3rd quarter valued at about $30,000. Innealta Capital LLC acquired a new stake in Incyte during the second quarter worth approximately $32,000. Cromwell Holdings LLC boosted its holdings in shares of Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 283 shares during the period. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Incyte in the second quarter valued at approximately $36,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on INCY. Morgan Stanley lifted their price target on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. JPMorgan Chase & Co. upped their price target on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Royal Bank of Canada lifted their price objective on shares of Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $77.16.

Insiders Place Their Bets

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Barry P. Flannelly sold 3,680 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the sale, the executive vice president now directly owns 58,042 shares in the company, valued at $4,624,786.56. The trade was a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,702 shares of company stock valued at $856,166. 17.60% of the stock is currently owned by insiders.

Incyte Stock Performance

Incyte stock opened at $74.59 on Monday. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The stock has a market cap of $14.37 billion, a PE ratio of 532.82, a P/E/G ratio of 8.60 and a beta of 0.71. Incyte Co. has a 12-month low of $50.35 and a 12-month high of $83.95. The business’s 50-day moving average price is $70.76 and its two-hundred day moving average price is $65.22.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.12). The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period last year, the firm posted $0.91 earnings per share. As a group, analysts expect that Incyte Co. will post 0.4 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.