Contravisory Investment Management Inc. Makes New Investment in Incyte Co. (NASDAQ:INCY)

Contravisory Investment Management Inc. purchased a new stake in shares of Incyte Co. (NASDAQ:INCY) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 7,229 shares of the biopharmaceutical company’s stock, valued at approximately $478,000.

Several other hedge funds also recently modified their holdings of the company. MFA Wealth Advisors LLC bought a new stake in shares of Incyte in the 2nd quarter worth approximately $26,000. Redmont Wealth Advisors LLC acquired a new position in Incyte in the first quarter worth approximately $28,000. Riverview Trust Co bought a new position in shares of Incyte in the first quarter valued at $29,000. Innealta Capital LLC acquired a new stake in shares of Incyte during the 2nd quarter valued at $32,000. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Incyte during the 1st quarter valued at $32,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INCY has been the topic of a number of recent analyst reports. Truist Financial reaffirmed a “hold” rating and set a $74.00 target price (down from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Monday, September 16th. Wells Fargo & Company decreased their target price on shares of Incyte from $63.00 to $62.00 and set an “equal weight” rating for the company in a report on Thursday. Royal Bank of Canada restated a “sector perform” rating and set a $67.00 price target on shares of Incyte in a report on Tuesday, September 3rd. Finally, Citigroup raised their price objective on shares of Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $73.21.

Incyte Stock Down 0.6 %

Shares of Incyte stock opened at $65.37 on Friday. The stock has a 50-day simple moving average of $64.25 and a 200-day simple moving average of $60.45. Incyte Co. has a 52-week low of $50.27 and a 52-week high of $70.36. The firm has a market cap of $12.59 billion, a price-to-earnings ratio of 181.58, a P/E/G ratio of 5.30 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84.

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

Insiders Place Their Bets

In related news, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the transaction, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’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 completion of the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 15,571 shares of Incyte stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the transaction, the executive vice president now directly owns 36,701 shares in the company, valued at approximately $2,569,070. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,899 shares of company stock valued at $1,736,746 over the last three months. 17.60% of the stock is currently owned by insiders.

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.