Allstate Corp Purchases New Shares in Incyte Co. (NASDAQ:INCY)

Allstate Corp acquired a new stake in shares of Incyte Co. (NASDAQ:INCY) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,931 shares of the biopharmaceutical company’s stock, valued at approximately $341,000.

Other hedge funds also recently bought and sold shares of the company. CWA Asset Management Group LLC purchased a new stake in shares of Incyte in the 4th quarter valued at approximately $1,933,000. Orion Portfolio Solutions LLC purchased a new stake in shares of Incyte in the third quarter valued at $770,000. Tri Ri Asset Management Corp purchased a new position in shares of Incyte during the third quarter valued at $3,292,000. Pallas Capital Advisors LLC acquired a new position in Incyte during the fourth quarter valued at $1,006,000. Finally, SG Americas Securities LLC lifted its stake in Incyte by 262.2% in the 4th quarter. SG Americas Securities LLC now owns 99,407 shares of the biopharmaceutical company’s stock worth $6,866,000 after acquiring an additional 71,963 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on INCY shares. Citigroup lowered their target price on Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Morgan Stanley dropped their price objective on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, March 24th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Friday, January 10th. Truist Financial dropped their price target on shares of Incyte from $74.00 to $72.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. Finally, William Blair cut Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus price target of $74.88.

Incyte Trading Up 2.3 %

Shares of INCY stock opened at $62.33 on Thursday. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a market cap of $12.06 billion, a PE ratio of 230.86, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $68.85 and its two-hundred day moving average is $70.04.

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

Insider Buying and Selling

In related news, EVP Steven H. Stein sold 12,352 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the transaction, the executive vice president now owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Sheila A. Denton sold 14,069 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the transaction, the executive vice president now 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,827 shares of company stock valued at $3,322,618. Insiders own 17.60% of the company’s stock.

Incyte Company 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.