Grimes & Company Inc. Has $10.55 Million Holdings in Incyte Co. (NASDAQ:INCY)

Grimes & Company Inc. grew its holdings in shares of Incyte Co. (NASDAQ:INCY) by 91.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 185,093 shares of the biopharmaceutical company’s stock after purchasing an additional 88,338 shares during the period. Grimes & Company Inc.’s holdings in Incyte were worth $10,545,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in INCY. Cape Investment Advisory Inc. acquired a new stake in shares of Incyte during the 4th quarter worth approximately $25,000. Larson Financial Group LLC boosted its position in shares of Incyte by 4,220.0% during the 4th quarter. Larson Financial Group LLC now owns 432 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 422 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Incyte during the 4th quarter worth approximately $31,000. Riverview Trust Co acquired a new stake in shares of Incyte during the 1st quarter worth approximately $29,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Incyte by 597.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 635 shares of the biopharmaceutical company’s stock worth $40,000 after acquiring an additional 544 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Buying and Selling

In related news, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the completion of the transaction, the insider now owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Incyte news, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the sale, the insider now directly owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 19,164 shares of Incyte stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the completion of the sale, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at $3,982,620. The disclosure for this sale can be found here. 17.50% of the stock is owned by insiders.

Incyte Trading Down 1.2 %

Shares of INCY stock traded down $0.73 during trading hours on Friday, hitting $60.62. 10,984,692 shares of the company’s stock traded hands, compared to its average volume of 5,649,308. The stock’s 50 day simple moving average is $57.40 and its 200 day simple moving average is $58.75. The stock has a market cap of $13.61 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 1.32 and a beta of 0.74. Incyte Co. has a 12 month low of $50.27 and a 12 month high of $67.36. The company has a quick ratio of 3.43, a current ratio of 3.47 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.31). The business had revenue of $880.89 million for the quarter, compared to the consensus estimate of $935.85 million. Incyte had a net margin of 19.78% and a return on equity of 12.83%. On average, sell-side analysts anticipate that Incyte Co. will post 3.57 EPS for the current year.

Wall Street Analysts Forecast Growth

INCY has been the topic of several analyst reports. Truist Financial reiterated a “buy” rating and set a $83.00 price target (down previously from $84.00) on shares of Incyte in a research report on Wednesday, May 1st. Bank of America reduced their price target on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $65.00 target price on shares of Incyte in a research report on Monday, March 25th. Deutsche Bank Aktiengesellschaft began coverage on shares of Incyte in a research report on Thursday, May 23rd. They issued a “hold” rating and a $55.00 target price on the stock. Finally, Oppenheimer cut their target price on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 24th. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Incyte currently has a consensus rating of “Hold” and an average price target of $73.69.

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.