PNC Financial Services Group Inc. Has $2.11 Million Position in Incyte Corporation $INCY

PNC Financial Services Group Inc. lifted its stake in Incyte Corporation (NASDAQ:INCY) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,045 shares of the biopharmaceutical company’s stock after acquiring an additional 888 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Incyte were worth $2,114,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. AQR Capital Management LLC grew its stake in Incyte by 92.3% in the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company’s stock valued at $405,787,000 after purchasing an additional 3,233,356 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Incyte by 71.5% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company’s stock valued at $162,508,000 after buying an additional 995,204 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Incyte by 65.6% in the 1st quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company’s stock valued at $152,062,000 after buying an additional 994,609 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Incyte in the second quarter worth approximately $50,076,000. Finally, Jupiter Asset Management Ltd. raised its position in Incyte by 469.9% during the first quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company’s stock valued at $50,242,000 after acquiring an additional 684,171 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Stock Down 0.3%

INCY stock opened at $103.89 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 2.78. The company has a 50-day moving average of $91.06 and a two-hundred day moving average of $78.83. The stock has a market capitalization of $20.40 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 0.70 and a beta of 0.74. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $109.28.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.61. The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The firm’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 EPS. As a group, equities research analysts anticipate that Incyte Corporation will post 4.86 EPS for the current year.

Insider Activity at Incyte

In related news, EVP Lee Heeson sold 3,074 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total transaction of $289,017.48. Following the completion of the transaction, the executive vice president directly owned 29,241 shares in the company, valued at $2,749,238.82. This represents a 9.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sheila A. Denton sold 598 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total transaction of $60,613.28. Following the completion of the sale, the executive vice president owned 26,569 shares in the company, valued at $2,693,033.84. This represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 4,227 shares of company stock valued at $396,327 over the last three months. 17.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. Oppenheimer downgraded shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price objective on shares of Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Truist Financial restated a “hold” rating and set a $93.00 target price (up from $79.00) on shares of Incyte in a report on Wednesday, October 29th. Bank of America upped their price target on Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a research note on Thursday, September 4th. Finally, Zacks Research lowered Incyte from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Seven equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $92.77.

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.