Friedenthal Financial Invests $948,000 in Incyte Corporation $INCY

Friedenthal Financial bought a new position in shares of Incyte Corporation (NASDAQ:INCY) in the fourth quarter, HoldingsChannel reports. The firm bought 9,598 shares of the biopharmaceutical company’s stock, valued at approximately $948,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INCY. NewEdge Advisors LLC lifted its holdings in Incyte by 369.3% in the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 9,913 shares during the period. Jones Financial Companies Lllp lifted its holdings in Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after buying an additional 648 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Incyte by 6.4% in the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after buying an additional 48,751 shares during the period. United Services Automobile Association purchased a new stake in Incyte in the first quarter worth about $219,000. Finally, Focus Partners Wealth lifted its position in Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after buying an additional 8,951 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the completion of the sale, the insider directly owned 234,800 shares in the company, valued at approximately $22,127,552. The trade was a 7.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 17.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. UBS Group lowered their target price on shares of Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a report on Wednesday, March 25th. Truist Financial set a $103.00 price target on Incyte in a research report on Wednesday, December 24th. Morgan Stanley set a $102.00 price target on Incyte in a research report on Wednesday, February 11th. Weiss Ratings raised Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Finally, Barclays reaffirmed an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Ten investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $104.89.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $97.82 on Friday. Incyte Corporation has a fifty-two week low of $56.13 and a fifty-two week high of $112.29. The business has a 50-day simple moving average of $96.69 and a two-hundred day simple moving average of $98.17. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. The firm has a market cap of $19.47 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 0.76 and a beta of 0.85.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. Incyte’s quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.43 earnings per share. On average, analysts expect that Incyte Corporation will post 4.86 earnings per share for the current year.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.