Venturi Wealth Management LLC Buys Shares of 988 Incyte Co. (NASDAQ:INCY)

Venturi Wealth Management LLC purchased a new position in Incyte Co. (NASDAQ:INCY) in the 3rd quarter, Holdings Channel reports. The firm purchased 988 shares of the biopharmaceutical company’s stock, valued at approximately $65,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Avantax Advisory Services Inc. purchased a new position in Incyte in the 1st quarter worth about $254,000. ProShare Advisors LLC lifted its position in Incyte by 14.4% during the first quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock valued at $3,594,000 after purchasing an additional 7,925 shares during the period. Entropy Technologies LP purchased a new stake in Incyte in the first quarter worth approximately $327,000. State Board of Administration of Florida Retirement System grew its position in Incyte by 6.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 239,122 shares of the biopharmaceutical company’s stock worth $13,623,000 after purchasing an additional 14,219 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Incyte by 27.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 224,119 shares of the biopharmaceutical company’s stock valued at $12,768,000 after buying an additional 48,380 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Stock Down 2.4 %

INCY stock opened at $75.87 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The firm’s fifty day simple moving average is $68.70 and its 200-day simple moving average is $63.58. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a market capitalization of $14.62 billion, a P/E ratio of 541.97, a price-to-earnings-growth ratio of 9.28 and a beta of 0.71.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share 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 analyst estimates of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. Incyte’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 earnings per share. As a group, equities research analysts forecast that Incyte Co. will post 0.4 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction on Wednesday, November 6th. The shares were 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 of the company’s stock, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. The trade was a 18.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,702 shares of company stock valued at $856,166 over the last ninety days. Company insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on INCY. Truist Financial restated a “hold” rating and set a $74.00 price target (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Morgan Stanley raised their price objective on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Guggenheim boosted their price target on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. Citigroup upped their price objective on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Wolfe Research started coverage on shares of Incyte in a report on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 price target on the stock. 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 company’s stock. According to MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus price target of $77.16.

Incyte Company 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.