Grimes & Company Inc. Has $6.08 Million Stock Position in Incyte Co. (NASDAQ:INCY)

Grimes & Company Inc. lowered its position in shares of Incyte Co. (NASDAQ:INCY) by 48.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 96,755 shares of the biopharmaceutical company’s stock after selling 92,723 shares during the quarter. Grimes & Company Inc.’s holdings in Incyte were worth $6,075,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Cetera Advisor Networks LLC grew its position in shares of Incyte by 7.4% during the 1st quarter. Cetera Advisor Networks LLC now owns 5,265 shares of the biopharmaceutical company’s stock valued at $418,000 after acquiring an additional 362 shares during the period. Private Advisor Group LLC bought a new stake in shares of Incyte during the 1st quarter valued at about $323,000. D.A. Davidson & CO. boosted its stake in shares of Incyte by 4.8% during the 1st quarter. D.A. Davidson & CO. now owns 3,300 shares of the biopharmaceutical company’s stock valued at $262,000 after purchasing an additional 150 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Incyte by 6.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,172 shares of the biopharmaceutical company’s stock worth $1,999,000 after acquiring an additional 1,605 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Incyte by 7.8% during the first quarter. Dimensional Fund Advisors LP now owns 596,022 shares of the biopharmaceutical company’s stock worth $47,338,000 after acquiring an additional 43,168 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Up 0.5 %

Shares of Incyte stock opened at $55.24 on Friday. The firm’s 50-day moving average is $58.40 and its two-hundred day moving average is $58.25. The stock has a market cap of $12.40 billion, a price-to-earnings ratio of 20.85, a PEG ratio of 1.18 and a beta of 0.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.55 and a quick ratio of 3.36. Incyte Co. has a 1 year low of $50.27 and a 1 year high of $76.04.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). Incyte had a return on equity of 12.56% and a net margin of 16.17%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the business posted $0.44 earnings per share. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, research analysts expect that Incyte Co. will post 3.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on INCY shares. SVB Leerink raised shares of Incyte from a “market perform” rating to an “outperform” rating and set a $78.00 price objective for the company in a report on Wednesday, December 13th. Bank of America dropped their target price on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating for the company in a research report on Wednesday, March 13th. Mizuho decreased their price target on shares of Incyte from $82.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, December 14th. Citigroup decreased their price target on shares of Incyte from $82.00 to $81.00 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Finally, William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Tuesday, February 6th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Incyte has an average rating of “Moderate Buy” and a consensus target price of $76.07.

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.