New York Life Investment Management LLC Lowers Position in Incyte Co. (NASDAQ:INCY)

New York Life Investment Management LLC cut its holdings in Incyte Co. (NASDAQ:INCY) by 4.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 29,606 shares of the biopharmaceutical company’s stock after selling 1,371 shares during the quarter. New York Life Investment Management LLC’s holdings in Incyte were worth $1,859,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC boosted its stake in shares of Incyte by 4,220.0% during the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 422 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in Incyte during the 4th quarter worth about $31,000. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Incyte by 157.3% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 772 shares of the biopharmaceutical company’s stock valued at $48,000 after purchasing an additional 472 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Incyte by 40.0% during the fourth quarter. Allworth Financial LP now owns 802 shares of the biopharmaceutical company’s stock valued at $50,000 after buying an additional 229 shares during the period. Finally, NBC Securities Inc. purchased a new stake in shares of Incyte in the third quarter valued at $83,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on INCY shares. TD Cowen dropped their price target on shares of Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. JMP Securities cut Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Jefferies Financial Group assumed coverage on shares of Incyte in a research report on Friday, February 23rd. They issued a “buy” rating and a $81.00 price objective for the company. Finally, BMO Capital Markets dropped their price objective on Incyte from $56.00 to $52.00 and set a “market perform” rating on the stock in a report on Wednesday, May 1st. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $74.93.

Incyte Price Performance

NASDAQ INCY opened at $54.08 on Tuesday. The company has a 50-day moving average price of $55.97 and a two-hundred day moving average price of $57.55. The stock has a market cap of $12.14 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 1.35 and a beta of 0.69. The company has a current ratio of 3.47, a quick ratio of 3.43 and a debt-to-equity ratio of 0.01. Incyte Co. has a 52 week low of $50.27 and a 52 week high of $67.36.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.09). The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Incyte had a return on equity of 12.83% and a net margin of 19.78%. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 EPS. Analysts forecast that Incyte Co. will post 3.54 EPS for the current 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.