Palouse Capital Management Inc. Sells 509 Shares of Incyte Co. (NASDAQ:INCY)

Palouse Capital Management Inc. reduced its holdings in shares of Incyte Co. (NASDAQ:INCY) by 2.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,101 shares of the biopharmaceutical company’s stock after selling 509 shares during the quarter. Palouse Capital Management Inc.’s holdings in Incyte were worth $1,263,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Wellington Management Group LLP boosted its stake in shares of Incyte by 48.8% during the 4th quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock worth $8,266,000 after buying an additional 43,160 shares during the last quarter. FORVIS Wealth Advisors LLC bought a new position in shares of Incyte in the first quarter valued at about $1,495,000. ProShare Advisors LLC lifted its stake in shares of Incyte by 14.4% during the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock worth $3,594,000 after buying an additional 7,925 shares during the last quarter. Kennedy Capital Management LLC acquired a new stake in Incyte during the first quarter worth approximately $463,000. Finally, Diversified Trust Co grew its position in shares of Incyte by 123.7% in the first quarter. Diversified Trust Co now owns 36,062 shares of the biopharmaceutical company’s stock valued at $2,054,000 after purchasing an additional 19,944 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on INCY shares. Royal Bank of Canada restated a “sector perform” rating and set a $67.00 target price on shares of Incyte in a research report on Tuesday, September 3rd. Bank of America increased their price objective on shares of Incyte from $66.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Wells Fargo & Company lowered their price target on Incyte from $63.00 to $62.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $73.21.

Incyte Stock Performance

NASDAQ INCY traded down $1.08 during trading on Monday, hitting $65.31. 340,322 shares of the company’s stock traded hands, compared to its average volume of 2,349,085. The stock has a market capitalization of $14.66 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 5.30 and a beta of 0.73. 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 business has a 50 day moving average of $64.79 and a 200-day moving average of $60.94. Incyte Co. has a 12-month low of $50.27 and a 12-month high of $70.36.

Incyte (NASDAQ:INCY) last issued its 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). The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The company’s revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.77 EPS. As a group, equities research analysts anticipate that Incyte Co. will post 0.66 earnings per share for the current fiscal year.

Insider Activity at Incyte

In other news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s 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 transaction, the executive vice president now directly owns 36,701 shares in the company, valued at $2,569,070. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction dated 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 owns 36,701 shares in the company, valued at $2,569,070. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,593 shares of company stock valued at $1,652,914. Corporate 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.