Gabelli Funds LLC Increases Stock Position in Incyte Co. (NASDAQ:INCY)

Gabelli Funds LLC increased its position in Incyte Co. (NASDAQ:INCY) by 7.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,237 shares of the biopharmaceutical company’s stock after buying an additional 1,037 shares during the quarter. Gabelli Funds LLC’s holdings in Incyte were worth $924,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. purchased a new position in shares of Incyte in the 4th quarter worth about $25,000. MFA Wealth Advisors LLC acquired a new stake in Incyte during the 2nd quarter worth approximately $26,000. Redmont Wealth Advisors LLC purchased a new position in Incyte in the first quarter valued at approximately $28,000. Riverview Trust Co purchased a new position in Incyte in the first quarter valued at approximately $29,000. Finally, Fidelis Capital Partners LLC acquired a new position in Incyte during the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Up 3.0 %

Shares of Incyte stock opened at $65.13 on Friday. The business has a 50-day moving average price of $64.32 and a 200 day moving average price of $59.89. Incyte Co. has a fifty-two week low of $50.27 and a fifty-two week high of $70.36. The firm has a market cap of $12.54 billion, a P/E ratio of 19.74, a P/E/G ratio of 5.17 and a beta of 0.73. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the company posted $0.77 earnings per share. The business’s revenue was up 9.3% on a year-over-year basis. On average, sell-side analysts forecast that Incyte Co. will post 0.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of research reports. JMP Securities reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Oppenheimer cut their price objective on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $67.00 target price on shares of Incyte in a report on Tuesday, September 3rd. Finally, BMO Capital Markets restated an “underperform” rating and issued a $48.00 price target (down previously from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $73.24.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the sale, the executive vice president now directly owns 50,534 shares in the company, valued at approximately $3,032,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the transaction, the executive vice president now owns 50,534 shares in the company, valued at $3,032,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Vijay K. Iyengar sold 15,571 shares of Incyte stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the sale, the executive vice president now owns 36,701 shares in the company, valued at $2,569,070. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock worth $2,225,626 over the last ninety days. Company insiders own 17.50% of the company’s stock.

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.