Prudential Financial Inc. Buys 2,442 Shares of Incyte Co. (NASDAQ:INCY)

Prudential Financial Inc. lifted its position in Incyte Co. (NASDAQ:INCY) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,514 shares of the biopharmaceutical company’s stock after buying an additional 2,442 shares during the quarter. Prudential Financial Inc.’s holdings in Incyte were worth $8,352,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of INCY. Sound Shore Management Inc. CT boosted its holdings in Incyte by 98.4% in the 4th quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock valued at $82,959,000 after purchasing an additional 595,741 shares during the period. Cannon Global Investment Management LLC purchased a new stake in shares of Incyte in the fourth quarter worth $449,000. Stevens Capital Management LP bought a new stake in Incyte during the fourth quarter valued at $210,000. LPL Financial LLC grew its position in Incyte by 21.7% during the fourth quarter. LPL Financial LLC now owns 27,543 shares of the biopharmaceutical company’s stock worth $1,902,000 after buying an additional 4,916 shares in the last quarter. Finally, Heron Bay Capital Management increased its stake in Incyte by 2.0% in the 4th quarter. Heron Bay Capital Management now owns 15,302 shares of the biopharmaceutical company’s stock worth $1,057,000 after acquiring an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of INCY stock opened at $60.60 on Friday. The company has a market capitalization of $11.73 billion, a P/E ratio of 224.45, a PEG ratio of 0.41 and a beta of 0.76. Incyte Co. has a fifty-two week low of $50.35 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 stock has a 50 day moving average price of $69.53 and a two-hundred day moving average price of $70.09.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Analysts expect that Incyte Co. will post 4.86 earnings per share for the current year.

Insider Transactions at Incyte

In related news, EVP Sheila A. Denton sold 14,069 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $1,914,561.36. This represents a 35.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the sale, the executive vice president now directly owns 33,567 shares of the company’s stock, valued at $2,272,150.23. The trade was a 37.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,827 shares of company stock worth $3,322,618. Company insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the subject of several recent analyst reports. William Blair lowered Incyte from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 18th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. UBS Group began coverage on shares of Incyte in a report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective for the company. Royal Bank of Canada cut their target price on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 11th. Finally, Truist Financial dropped their price target on Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $74.88.

Incyte 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.