Hohimer Wealth Management LLC Sells 14,142 Shares of Incyte Corporation $INCY

Hohimer Wealth Management LLC lowered its stake in shares of Incyte Corporation (NASDAQ:INCY) by 25.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,333 shares of the biopharmaceutical company’s stock after selling 14,142 shares during the period. Hohimer Wealth Management LLC’s holdings in Incyte were worth $3,505,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Bank of Nova Scotia lifted its holdings in shares of Incyte by 0.7% in the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after buying an additional 124 shares in the last quarter. MAI Capital Management grew its position in shares of Incyte by 19.9% during the 2nd quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after purchasing an additional 125 shares in the last quarter. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Incyte by 0.9% in the third quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after purchasing an additional 125 shares during the period. E Fund Management Co. Ltd. increased its holdings in shares of Incyte by 0.8% in the second quarter. E Fund Management Co. Ltd. now owns 19,912 shares of the biopharmaceutical company’s stock worth $1,356,000 after purchasing an additional 158 shares during the period. Finally, Wealthfront Advisers LLC raised its position in shares of Incyte by 2.4% in the second quarter. Wealthfront Advisers LLC now owns 7,366 shares of the biopharmaceutical company’s stock worth $502,000 after buying an additional 171 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on INCY. Wall Street Zen cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Barclays lifted their price objective on shares of Incyte from $116.00 to $117.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Piper Sandler boosted their target price on Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Wells Fargo & Company decreased their price objective on Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 11th. Finally, Guggenheim upgraded shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Monday, November 3rd. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Incyte has a consensus rating of “Hold” and an average price target of $104.00.

Incyte Stock Up 0.1%

INCY opened at $100.09 on Friday. The stock has a market capitalization of $19.92 billion, a price-to-earnings ratio of 15.61, a PEG ratio of 0.80 and a beta of 0.82. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $112.29. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average price of $102.55 and a 200-day moving average price of $95.57.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the business posted $1.43 earnings per share. The firm’s revenue was up 27.8% on a year-over-year basis. Equities research analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current year.

Insider Activity at Incyte

In other news, EVP Mohamed Khairie Issa sold 10,856 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the transaction, the executive vice president owned 66,132 shares in the company, valued at $7,213,017.24. This trade represents a 14.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael James Morrissey sold 54,008 shares of Incyte stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total value of $5,254,438.32. Following the completion of the transaction, the executive vice president owned 31,830 shares of the company’s stock, valued at approximately $3,096,740.70. This represents a 62.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 95,225 shares of company stock valued at $9,519,745. Insiders own 17.80% of the company’s stock.

Incyte Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.