Palouse Capital Management Inc. Trims Position in Incyte Co. (NASDAQ:INCY)

Palouse Capital Management Inc. lessened its position in shares of Incyte Co. (NASDAQ:INCY) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,882 shares of the biopharmaceutical company’s stock after selling 219 shares during the quarter. Palouse Capital Management Inc.’s holdings in Incyte were worth $1,304,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of INCY. Creative Planning increased its position in Incyte by 6.2% during the third quarter. Creative Planning now owns 22,366 shares of the biopharmaceutical company’s stock valued at $1,478,000 after acquiring an additional 1,307 shares during the last quarter. V Square Quantitative Management LLC increased its position in Incyte by 4.1% in the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $262,000 after buying an additional 155 shares in the last quarter. Foundations Investment Advisors LLC purchased a new stake in Incyte in the third quarter worth about $220,000. Assenagon Asset Management S.A. increased its position in Incyte by 10.0% in the third quarter. Assenagon Asset Management S.A. now owns 6,674 shares of the biopharmaceutical company’s stock worth $441,000 after buying an additional 609 shares in the last quarter. Finally, Tectonic Advisors LLC increased its position in Incyte by 1.6% in the third quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company’s stock worth $819,000 after buying an additional 190 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

NASDAQ:INCY opened at $70.42 on Friday. The firm has a market capitalization of $13.57 billion, a price-to-earnings ratio of 503.04, a PEG ratio of 0.53 and a beta of 0.70. Incyte Co. has a 1 year low of $50.35 and a 1 year high of $83.95. The business has a 50 day simple moving average of $71.26 and a 200-day simple moving average of $69.18. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. Equities analysts forecast that Incyte Co. will post 0.35 EPS for the current year.

Insider Activity

In other news, insider Thomas Tray sold 650 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $70.64, for a total value of $45,916.00. Following the sale, the insider now directly owns 23,962 shares in the company, valued at approximately $1,692,675.68. This represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the sale, the executive vice president now owns 66,967 shares in the company, valued at approximately $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,695 shares of company stock valued at $1,444,356 in the last ninety days. Insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on INCY. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and upped their price target for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, February 11th. William Blair restated an “outperform” rating on shares of Incyte in a research report on Friday, December 13th. StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, BMO Capital Markets reaffirmed an “underperform” rating and issued a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Incyte currently has an average rating of “Hold” and a consensus price target of $75.59.

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.