Glenmede Investment Management LP Has $53.58 Million Stock Position in Incyte Corporation $INCY

Glenmede Investment Management LP lifted its position in Incyte Corporation (NASDAQ:INCY) by 1.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 631,785 shares of the biopharmaceutical company’s stock after acquiring an additional 7,356 shares during the period. Glenmede Investment Management LP owned about 0.32% of Incyte worth $53,582,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new position in Incyte during the 3rd quarter worth approximately $26,000. Root Financial Partners LLC acquired a new stake in Incyte during the 3rd quarter valued at $28,000. Quent Capital LLC purchased a new stake in shares of Incyte in the third quarter valued at $30,000. MUFG Securities EMEA plc purchased a new stake in shares of Incyte in the second quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC acquired a new stake in shares of Incyte in the second quarter worth $33,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Trading Up 0.6%

Shares of NASDAQ:INCY opened at $92.54 on Friday. The company has a current ratio of 3.32, a quick ratio of 3.25 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $18.42 billion, a PE ratio of 14.44, a P/E/G ratio of 0.73 and a beta of 0.84. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $112.29. The firm has a fifty day moving average price of $101.78 and a 200 day moving average price of $96.48.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.96 by ($0.16). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. Incyte’s quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter last year, the business earned $1.43 earnings per share. Analysts expect that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on INCY shares. HC Wainwright reiterated a “buy” rating and set a $135.00 price target on shares of Incyte in a report on Monday, March 9th. Royal Bank Of Canada decreased their price objective on Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 11th. Barclays lifted their target price on Incyte from $116.00 to $117.00 and gave the company an “overweight” rating in a research note on Wednesday, February 18th. Stifel Nicolaus upped their target price on Incyte from $119.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Finally, Truist Financial set a $103.00 price target on shares of Incyte in a research report on Wednesday, December 24th. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Incyte currently has an average rating of “Hold” and a consensus price target of $104.00.

Insider Activity at Incyte

In related news, insider Thomas Tray sold 2,774 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $100.00, for a total value of $277,400.00. Following the transaction, the insider directly owned 22,973 shares of the company’s stock, valued at approximately $2,297,300. This trade represents a 10.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the completion of the sale, the executive vice president owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 72,561 shares of company stock valued at $7,195,307. Corporate insiders own 17.80% of the company’s stock.

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.