Freedom Investment Management Inc. Purchases New Position in Incyte Co. (NASDAQ:INCY)

Freedom Investment Management Inc. acquired a new position in shares of Incyte Co. (NASDAQ:INCY) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 16,092 shares of the biopharmaceutical company’s stock, valued at approximately $1,064,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. MFA Wealth Advisors LLC bought a new stake in Incyte during the second quarter worth $26,000. Brooklyn Investment Group purchased a new position in Incyte during the 3rd quarter worth $30,000. Innealta Capital LLC bought a new stake in shares of Incyte in the 2nd quarter worth $32,000. Itau Unibanco Holding S.A. bought a new stake in shares of Incyte in the 2nd quarter worth $36,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 164 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Up 0.9 %

INCY stock opened at $75.45 on Thursday. The stock has a 50-day simple moving average of $70.41 and a two-hundred day simple moving average of $64.92. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95. The firm has a market capitalization of $14.54 billion, a PE ratio of 538.93, a PEG ratio of 8.48 and a beta of 0.71.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (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 during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the company earned $0.91 earnings per share. The business’s revenue for the quarter was up 23.8% compared to the same quarter last year. On average, equities analysts predict that Incyte Co. will post 0.4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s 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 sale, the executive vice president now owns 36,390 shares in the company, valued at approximately $2,269,280.40. This trade represents a 18.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This trade represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,702 shares of company stock worth $856,166. Corporate insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

INCY has been the subject of a number of recent analyst reports. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Tuesday, November 19th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. Truist Financial reissued a “hold” rating and issued a $74.00 price objective (down previously from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. Finally, Guggenheim raised their target price on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company 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.