PNC Financial Services Group Inc. Has $2.03 Million Holdings in Incyte Co. (NASDAQ:INCY)

PNC Financial Services Group Inc. lifted its position in Incyte Co. (NASDAQ:INCY) by 42.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,649 shares of the biopharmaceutical company’s stock after purchasing an additional 9,083 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Incyte were worth $2,026,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of INCY. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Incyte in the 3rd quarter valued at $292,000. Banque Cantonale Vaudoise grew its stake in shares of Incyte by 336.1% during the third quarter. Banque Cantonale Vaudoise now owns 8,730 shares of the biopharmaceutical company’s stock valued at $577,000 after purchasing an additional 6,728 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Incyte in the 3rd quarter valued at $186,000. TrinityPoint Wealth LLC boosted its holdings in Incyte by 3.4% in the third quarter. TrinityPoint Wealth LLC now owns 20,638 shares of the biopharmaceutical company’s stock valued at $1,364,000 after acquiring an additional 679 shares during the last quarter. Finally, Swiss National Bank grew its position in shares of Incyte by 0.9% during the 3rd quarter. Swiss National Bank now owns 483,274 shares of the biopharmaceutical company’s stock worth $31,944,000 after buying an additional 4,500 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Up 2.5 %

INCY stock opened at $73.52 on Tuesday. The stock has a fifty day moving average of $70.04 and a 200-day moving average of $64.69. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The company has a market capitalization of $14.16 billion, a price-to-earnings ratio of 525.18, a PEG ratio of 8.27 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The business 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 was up 23.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 EPS. As a group, equities research analysts predict that Incyte Co. will post 0.4 earnings per share for the current year.

Insider Activity

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 value of $293,222.40. Following the completion of the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at $4,624,786.56. The trade was a 5.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,702 shares of company stock worth $856,166 in the last three months. Corporate insiders own 17.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wells Fargo & Company boosted their target price on Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Tuesday, November 19th. Truist Financial reiterated a “hold” rating and issued a $74.00 price objective (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft upped their target price on Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, William Blair reiterated an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $77.16.

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.