Incyte Co. (NASDAQ:INCY) Position Raised by abrdn plc

abrdn plc raised its stake in Incyte Co. (NASDAQ:INCY) by 112.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 146,427 shares of the biopharmaceutical company’s stock after buying an additional 77,574 shares during the quarter. abrdn plc owned approximately 0.07% of Incyte worth $9,194,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in INCY. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Incyte during the fourth quarter valued at $31,000. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Incyte by 157.3% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 772 shares of the biopharmaceutical company’s stock valued at $48,000 after purchasing an additional 472 shares during the period. Allworth Financial LP increased its holdings in shares of Incyte by 40.0% during the fourth quarter. Allworth Financial LP now owns 802 shares of the biopharmaceutical company’s stock valued at $50,000 after purchasing an additional 229 shares during the period. NBC Securities Inc. acquired a new position in shares of Incyte during the third quarter valued at $83,000. Finally, Covestor Ltd increased its holdings in shares of Incyte by 28.8% during the third quarter. Covestor Ltd now owns 1,606 shares of the biopharmaceutical company’s stock valued at $93,000 after purchasing an additional 359 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on INCY. Jefferies Financial Group began coverage on Incyte in a report on Friday, February 23rd. They set a “buy” rating and a $81.00 price target on the stock. William Blair reaffirmed an “outperform” rating on shares of Incyte in a report on Tuesday, February 6th. Cantor Fitzgerald assumed coverage on Incyte in a report on Tuesday. They set a “neutral” rating on the stock. Citigroup lowered their target price on Incyte from $82.00 to $81.00 and set a “buy” rating on the stock in a report on Wednesday, February 14th. Finally, Bank of America lowered their target price on Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Incyte presently has an average rating of “Moderate Buy” and a consensus price target of $75.50.

Incyte Trading Up 1.0 %

Shares of INCY opened at $51.68 on Friday. The business’s 50-day moving average price is $56.78 and its 200 day moving average price is $57.70. The stock has a market capitalization of $11.60 billion, a P/E ratio of 19.50, a P/E/G ratio of 1.20 and a beta of 0.65. Incyte Co. has a 1-year low of $50.27 and a 1-year high of $75.74. The company has a current ratio of 3.55, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). Incyte had a return on equity of 12.56% and a net margin of 16.17%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the business posted $0.44 earnings per share. The company’s revenue was up 9.3% compared to the same quarter last year. Analysts expect that Incyte Co. will post 3.85 earnings per share for the current year.

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.