Incyte Corporation (NASDAQ:INCY) Shares Sold by M&T Bank Corp

M&T Bank Corp lessened its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 5.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 10,696 shares of the biopharmaceutical company’s stock after selling 596 shares during the quarter. M&T Bank Corp’s holdings in Incyte were worth $647,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Raiffeisen Bank International AG bought a new stake in shares of Incyte in the 4th quarter worth $34,000. NBC Securities Inc. raised its stake in shares of Incyte by 88,200.0% in the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company’s stock worth $53,000 after buying an additional 882 shares in the last quarter. Huntington National Bank raised its stake in shares of Incyte by 40.7% in the 4th quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company’s stock worth $65,000 after buying an additional 270 shares in the last quarter. Intact Investment Management Inc. bought a new stake in shares of Incyte in the 1st quarter worth $73,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Incyte by 161.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,275 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 787 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Activity

In other news, EVP Vijay K. Iyengar sold 8,617 shares of the firm’s stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $587,248.55. Following the completion of the sale, the executive vice president directly owned 37,701 shares in the company, valued at $2,569,323.15. This trade represents a 18.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares of the company’s stock, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,119 shares of company stock worth $1,371,385 in the last three months. Company insiders own 17.80% of the company’s stock.

Incyte Stock Performance

Shares of Incyte stock opened at $68.25 on Wednesday. The company has a current ratio of 2.04, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $66.56 and a two-hundred day moving average price of $66.63. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $83.95. The company has a market cap of $13.21 billion, a P/E ratio of 213.29, a PEG ratio of 0.59 and a beta of 0.68.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.15. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $996.17 million. During the same period last year, the business posted $0.64 EPS. The business’s revenue was up 19.5% compared to the same quarter last year. As a group, analysts anticipate that Incyte Corporation will post 4.86 EPS for the current year.

Analysts Set New Price Targets

INCY has been the topic of a number of recent analyst reports. Truist Financial boosted their target price on Incyte from $72.00 to $73.00 and gave the stock a “hold” rating in a research report on Tuesday, May 27th. William Blair lowered Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 18th. Stifel Nicolaus raised Incyte from a “hold” rating to a “buy” rating and boosted their target price for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Royal Bank Of Canada set a $67.00 target price on Incyte and gave the stock a “sector perform” rating in a research report on Monday, June 23rd. Finally, Wells Fargo & Company boosted their target price on Incyte from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and an average price target of $74.47.

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.