Allstate Corp Takes Position in Incyte Corporation $INCY

Allstate Corp purchased a new position in Incyte Corporation (NASDAQ:INCY) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 5,858 shares of the biopharmaceutical company’s stock, valued at approximately $497,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INCY. Bank of Nova Scotia boosted its holdings in Incyte by 0.7% in the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after acquiring an additional 124 shares in the last quarter. MAI Capital Management raised its position in shares of Incyte by 19.9% in the 2nd quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after purchasing an additional 125 shares during the last quarter. Atlantic Edge Private Wealth Management LLC boosted its stake in Incyte by 0.9% in the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after purchasing an additional 125 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Incyte by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock worth $612,000 after purchasing an additional 147 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in Incyte by 10.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock valued at $116,000 after purchasing an additional 156 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

NASDAQ INCY opened at $105.06 on Friday. The business’s fifty day moving average price is $102.03 and its 200-day moving average price is $90.37. The stock has a market capitalization of $20.63 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 0.63 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $112.29.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, topping the consensus estimate of $1.65 by $0.61. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.26 billion. Incyte had a return on equity of 26.56% and a net margin of 24.69%.Incyte’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 earnings per share. On average, equities analysts predict that Incyte Corporation will post 4.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on INCY shares. Wall Street Zen raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 1st. Wells Fargo & Company reissued an “equal weight” rating and set a $107.00 price target (down previously from $116.00) on shares of Incyte in a research report on Tuesday. The Goldman Sachs Group restated a “neutral” rating and issued a $90.00 price objective on shares of Incyte in a report on Thursday, January 8th. Piper Sandler upped their price objective on Incyte from $82.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Finally, Mizuho set a $121.00 target price on Incyte and gave the stock an “outperform” rating in a report on Monday, December 8th. Eight analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $100.75.

Insider Buying and Selling at Incyte

In other news, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total transaction of $60,613.28. Following the completion of the sale, the executive vice president owned 26,569 shares of the company’s stock, valued at $2,693,033.84. This represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael James Morrissey sold 4,323 shares of the stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total transaction of $420,454.98. Following the completion of the transaction, the executive vice president owned 27,507 shares in the company, valued at $2,675,330.82. This trade represents a 13.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 98,897 shares of company stock worth $9,869,376. 17.80% of the stock is owned by corporate insiders.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.