Gateway Investment Advisers LLC Increases Stake in Incyte Co. (NASDAQ:INCY)

Gateway Investment Advisers LLC grew its stake in Incyte Co. (NASDAQ:INCY) by 14.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,517 shares of the biopharmaceutical company’s stock after purchasing an additional 587 shares during the period. Gateway Investment Advisers LLC’s holdings in Incyte were worth $312,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Hennion & Walsh Asset Management Inc. raised its holdings in Incyte by 45.2% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 35,708 shares of the biopharmaceutical company’s stock worth $2,466,000 after purchasing an additional 11,120 shares during the period. Contravisory Investment Management Inc. lifted its holdings in Incyte by 50.1% in the 4th quarter. Contravisory Investment Management Inc. now owns 10,854 shares of the biopharmaceutical company’s stock valued at $750,000 after purchasing an additional 3,625 shares in the last quarter. CHURCHILL MANAGEMENT Corp lifted its stake in shares of Incyte by 2.8% in the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 178,922 shares of the biopharmaceutical company’s stock worth $12,358,000 after buying an additional 4,869 shares in the last quarter. Burney Co. boosted its position in Incyte by 7.3% during the fourth quarter. Burney Co. now owns 3,262 shares of the biopharmaceutical company’s stock worth $225,000 after acquiring an additional 223 shares during the last quarter. Finally, 180 Wealth Advisors LLC boosted its holdings in shares of Incyte by 3.9% during the 4th quarter. 180 Wealth Advisors LLC now owns 5,231 shares of the biopharmaceutical company’s stock worth $361,000 after purchasing an additional 195 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on INCY. Wells Fargo & Company raised their target price on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 19th. BMO Capital Markets reaffirmed an “underperform” rating and set a $52.00 target price (up from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. StockNews.com cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 13th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and lifted their price target for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. Finally, Citigroup increased their price objective on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $76.29.

Insider Buying and Selling

In other news, EVP Vijay K. Iyengar sold 6,043 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the transaction, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Thomas Tray sold 650 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $69.31, for a total transaction of $45,051.50. Following the completion of the transaction, the insider now directly owns 23,312 shares in the company, valued at $1,615,754.72. This trade represents a 2.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,023 shares of company stock worth $839,711. Corporate insiders own 17.60% of the company’s stock.

Incyte Stock Performance

Shares of INCY opened at $71.93 on Monday. Incyte Co. has a 1 year low of $50.35 and a 1 year high of $83.95. The stock has a market capitalization of $13.86 billion, a PE ratio of 513.82, a PEG ratio of 0.51 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. The stock has a 50-day simple moving average of $72.36 and a 200-day simple moving average of $68.06.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm earned $0.91 EPS. The company’s revenue was up 23.8% on a year-over-year basis. On average, analysts predict that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

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.