PNC Financial Services Group Inc. Acquires 9,083 Shares of Incyte Co. (NASDAQ:INCY)

PNC Financial Services Group Inc. boosted its stake in Incyte Co. (NASDAQ:INCY) by 42.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 30,649 shares of the biopharmaceutical company’s stock after purchasing an additional 9,083 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Incyte were worth $2,026,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Kennedy Capital Management LLC purchased a new stake in shares of Incyte in the 1st quarter worth about $463,000. Greenwood Capital Associates LLC bought a new position in Incyte in the third quarter worth about $433,000. Andra AP fonden lifted its holdings in Incyte by 35.2% in the second quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock worth $15,022,000 after buying an additional 64,500 shares during the period. DekaBank Deutsche Girozentrale boosted its position in Incyte by 19.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 152,452 shares of the biopharmaceutical company’s stock valued at $8,652,000 after acquiring an additional 24,328 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new stake in Incyte during the 1st quarter valued at approximately $1,040,000. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of INCY stock opened at $73.52 on Tuesday. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The company has a market cap of $14.16 billion, a PE ratio of 525.18, a PEG ratio of 8.27 and a beta of 0.71. Incyte Co. has a 12-month low of $50.35 and a 12-month high of $83.95. The business’s fifty day simple moving average is $70.04 and its 200-day simple moving average is $64.69.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the business posted $0.91 EPS. Incyte’s revenue was up 23.8% compared to the same quarter last year. Analysts expect that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This represents a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,702 shares of company stock valued at $856,166. Insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on INCY shares. JPMorgan Chase & Co. raised their target price on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Oppenheimer raised their price objective on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Citigroup boosted their target price on shares of Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 20th. Finally, Royal Bank of Canada lifted their price target on shares of Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, November 14th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $77.16.

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.