Redwood Investment Management LLC Takes $1.44 Million Position in Incyte Co. (NASDAQ:INCY)

Redwood Investment Management LLC acquired a new stake in shares of Incyte Co. (NASDAQ:INCY) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 20,788 shares of the biopharmaceutical company’s stock, valued at approximately $1,436,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INCY. Retirement Systems of Alabama grew its stake in shares of Incyte by 0.4% during the fourth quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company’s stock valued at $2,391,000 after buying an additional 139 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its position in Incyte by 0.7% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company’s stock valued at $1,410,000 after acquiring an additional 150 shares during the last quarter. Trust Point Inc. increased its stake in Incyte by 5.0% in the fourth quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company’s stock worth $227,000 after purchasing an additional 156 shares during the period. Bank of Nova Scotia lifted its position in shares of Incyte by 0.8% during the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company’s stock worth $1,498,000 after purchasing an additional 171 shares during the last quarter. Finally, Mather Group LLC. increased its stake in Incyte by 26.4% in the 4th quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company’s stock worth $57,000 after buying an additional 173 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on INCY shares. Citigroup decreased their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, February 11th. Royal Bank of Canada raised their price target on Incyte from $64.00 to $67.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 30th. Morgan Stanley lowered their price objective on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, March 24th. Finally, Truist Financial cut their target price on shares of Incyte from $74.00 to $72.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus price target of $73.53.

Insider Activity

In other news, EVP Barry P. Flannelly sold 19,807 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the sale, the executive vice president now owns 33,567 shares of the company’s stock, valued at $2,272,150.23. This trade represents a 37.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sheila A. Denton sold 14,069 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the transaction, the executive vice president now owns 25,848 shares of the company’s stock, valued at approximately $1,914,561.36. This trade represents a 35.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,475 shares of company stock valued at $2,424,751 in the last ninety days. Insiders own 17.80% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ INCY opened at $62.76 on Friday. Incyte Co. has a fifty-two week low of $53.56 and a fifty-two week high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The company has a market cap of $12.15 billion, a PE ratio of 232.45, a P/E/G ratio of 0.41 and a beta of 0.68. The business has a 50-day simple moving average of $60.59 and a two-hundred day simple moving average of $68.54.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.15. Incyte had a return on equity of 0.05% and a net margin of 0.77%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $996.17 million. During the same period in the prior year, the firm earned $0.64 EPS. The firm’s revenue was up 19.5% on a year-over-year basis. As a group, equities analysts expect that Incyte Co. will post 4.86 EPS for the current fiscal year.

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.