Gabelli Funds LLC Lowers Holdings in Incyte Co. (NASDAQ:INCY)

Gabelli Funds LLC reduced its stake in Incyte Co. (NASDAQ:INCY) by 6.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,197 shares of the biopharmaceutical company’s stock after selling 1,040 shares during the period. Gabelli Funds LLC’s holdings in Incyte were worth $981,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Retirement Systems of Alabama grew its position in Incyte by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company’s stock valued at $2,391,000 after purchasing an additional 139 shares during the last quarter. Trust Point Inc. lifted its holdings in shares of Incyte by 5.0% during the fourth quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company’s stock valued at $227,000 after purchasing an additional 156 shares in the last quarter. Bank of Nova Scotia boosted its position in shares of Incyte by 0.8% during the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company’s stock valued at $1,498,000 after buying an additional 171 shares during the last quarter. Mather Group LLC. increased its holdings in Incyte by 26.4% in the 4th quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company’s stock worth $57,000 after buying an additional 173 shares in the last quarter. Finally, 180 Wealth Advisors LLC raised its position in Incyte by 3.9% in the 4th quarter. 180 Wealth Advisors LLC now owns 5,231 shares of the biopharmaceutical company’s stock worth $361,000 after buying an additional 195 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

Insider Activity at Incyte

In related news, EVP Barry P. Flannelly sold 19,807 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the sale, the executive vice president now directly owns 33,567 shares of the company’s stock, valued at $2,272,150.23. This represents a 37.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Sheila A. Denton sold 14,069 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,914,561.36. The trade was a 35.25 % 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 valued at $3,322,618. 17.60% of the stock is owned by corporate insiders.

Incyte Price Performance

Shares of Incyte stock opened at $58.21 on Friday. The stock’s 50-day simple moving average is $64.84 and its 200-day simple moving average is $69.31. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The company has a market capitalization of $11.27 billion, a price-to-earnings ratio of 215.60, a PEG ratio of 0.41 and a beta of 0.89.

Incyte (NASDAQ:INCY) last announced its quarterly 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%. As a group, analysts expect that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

INCY has been the subject of a number of research analyst reports. Royal Bank of Canada reduced their price target on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 11th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a report on Friday, January 10th. Stifel Nicolaus increased their target price on Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a report on Monday, February 10th. Truist Financial cut 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. Finally, Guggenheim cut shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price objective on the stock. in a research note on Tuesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $74.88.

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.