Ellis Investment Partners LLC Invests $1.14 Million in Incyte Co. (NASDAQ:INCY)

Ellis Investment Partners LLC bought a new position in Incyte Co. (NASDAQ:INCY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 18,806 shares of the biopharmaceutical company’s stock, valued at approximately $1,140,000.

Several other hedge funds and other institutional investors also recently modified their holdings of INCY. Norges Bank bought a new stake in shares of Incyte in the 4th quarter worth about $123,253,000. KBC Group NV grew its position in shares of Incyte by 842.2% during the 4th quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock valued at $60,011,000 after buying an additional 854,311 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of Incyte by 28.0% during the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after buying an additional 779,243 shares during the last quarter. Swedbank AB bought a new stake in shares of Incyte during the 1st quarter valued at about $37,440,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Incyte by 122.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock valued at $54,116,000 after buying an additional 490,680 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Insider Activity at Incyte

In related news, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction that occurred on 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 directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction that occurred on 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 directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were 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 of the company’s stock, valued at $3,032,040. The disclosure for this sale can be found here. Insiders sold a total of 44,189 shares of company stock valued at $2,812,522 over the last ninety days. Insiders own 17.50% of the company’s stock.

Incyte Trading Down 2.7 %

Shares of NASDAQ:INCY opened at $61.26 on Friday. The company has a 50 day moving average of $63.41 and a 200-day moving average of $59.47. The firm has a market cap of $13.76 billion, a P/E ratio of 18.56, a P/E/G ratio of 5.23 and a beta of 0.73. Incyte Co. has a twelve month low of $50.27 and a twelve month high of $70.36. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company’s revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.77 earnings per share. As a group, analysts anticipate that Incyte Co. will post 0.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INCY has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Bank of America boosted their price objective on shares of Incyte from $62.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Tuesday, June 18th. Citigroup boosted their price objective on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, BMO Capital Markets reissued an “underperform” rating and set a $48.00 target price (down from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Incyte presently has an average rating of “Hold” and an average target price of $73.29.

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.