Massachusetts Financial Services Co. MA Makes New $4.74 Million Investment in Incyte Co. (NASDAQ:INCY)

Massachusetts Financial Services Co. MA acquired a new stake in Incyte Co. (NASDAQ:INCY) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 71,691 shares of the biopharmaceutical company’s stock, valued at approximately $4,739,000.

A number of other large investors have also made changes to their positions in the stock. MFA Wealth Advisors LLC purchased a new stake in Incyte in the 2nd quarter worth approximately $26,000. Innealta Capital LLC acquired a new stake in Incyte in the 2nd quarter worth about $32,000. Itau Unibanco Holding S.A. purchased a new stake in Incyte in the 2nd quarter valued at about $36,000. Deseret Mutual Benefit Administrators increased its stake in shares of Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after acquiring an additional 164 shares during the last quarter. Finally, Cromwell Holdings LLC lifted its holdings in shares of Incyte by 101.1% during the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 283 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Wolfe Research initiated coverage on shares of Incyte in a report on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 target price for the company. Bank of America raised Incyte from a “neutral” rating to a “buy” rating and increased their target price for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. JPMorgan Chase & Co. lifted their target price on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. William Blair restated an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Finally, StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $77.16.

Insider Transactions at Incyte

In other news, EVP Barry P. Flannelly sold 3,680 shares of the business’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 value of $293,222.40. Following the completion of the sale, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $4,624,786.56. The trade was a 5.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. This trade represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,702 shares of company stock valued at $856,166. Insiders own 17.60% of the company’s stock.

Incyte Stock Up 1.7 %

Shares of Incyte stock opened at $74.80 on Wednesday. Incyte Co. has a 1-year low of $50.35 and a 1-year high of $83.95. The company has a market capitalization of $14.41 billion, a PE ratio of 534.32, a P/E/G ratio of 8.27 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The business has a 50-day moving average of $70.21 and a 200-day moving average of $64.85.

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