Janney Montgomery Scott LLC Increases Stock Position in Incyte Co. (NASDAQ:INCY)

Posted by on Oct 24th, 2023

Janney Montgomery Scott LLC lifted its holdings in Incyte Co. (NASDAQ:INCY – Free Report) by 8.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 18,635 shares of the biopharmaceutical company’s stock after purchasing an additional 1,459 shares during the period. Janney Montgomery Scott LLC’s holdings in Incyte were worth $1,160,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of INCY. Janiczek Wealth Management LLC lifted its position in shares of Incyte by 1,120.7% in the 1st quarter. Janiczek Wealth Management LLC now owns 354 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 325 shares during the period. Clear Street Markets LLC lifted its position in shares of Incyte by 93.6% in the 1st quarter. Clear Street Markets LLC now owns 362 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 175 shares during the period. Parkside Financial Bank & Trust lifted its position in shares of Incyte by 91.0% in the 1st quarter. Parkside Financial Bank & Trust now owns 447 shares of the biopharmaceutical company’s stock worth $36,000 after purchasing an additional 213 shares during the period. Ellevest Inc. raised its stake in shares of Incyte by 52.6% during the 1st quarter. Ellevest Inc. now owns 548 shares of the biopharmaceutical company’s stock worth $40,000 after acquiring an additional 189 shares in the last quarter. Finally, Salem Investment Counselors Inc. raised its stake in shares of Incyte by 1,458.0% during the 2nd quarter. Salem Investment Counselors Inc. now owns 779 shares of the biopharmaceutical company’s stock worth $59,000 after acquiring an additional 729 shares in the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

Incyte Stock Performance

INCY opened at $55.10 on Tuesday. The company has a quick ratio of 3.78, a current ratio of 3.81 and a debt-to-equity ratio of 0.01. The company has a market cap of $12.35 billion, a price-to-earnings ratio of 33.80, a PEG ratio of 2.64 and a beta of 0.71. Incyte Co. has a 52-week low of $54.53 and a 52-week high of $86.29. The firm’s fifty day simple moving average is $60.91 and its two-hundred day simple moving average is $63.82.

Incyte (NASDAQ:INCY – Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The biopharmaceutical company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.08. The business had revenue of $954.61 million for the quarter, compared to the consensus estimate of $920.18 million. Incyte had a net margin of 10.43% and a return on equity of 9.25%. Equities analysts anticipate that Incyte Co. will post 2.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on INCY shares. Royal Bank of Canada upped their price target on shares of Incyte from $70.00 to $73.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 2nd. Citigroup started coverage on shares of Incyte in a research note on Tuesday, July 25th. They set a “buy” rating and a $82.00 price target on the stock. JMP Securities restated a “market outperform” rating and set a $93.00 price target on shares of Incyte in a research note on Wednesday, August 2nd. Morgan Stanley restated an “equal weight” rating and set a $74.00 price target on shares of Incyte in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus upped their price target on shares of Incyte from $73.00 to $76.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $82.00.

Check Out Our Latest Research Report on Incyte

Incyte Profile

(Free Report)

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, Europe, Japan, and internationally. The company offers JAKAFI (ruxolitinib), for the treatment of adults with intermediate or high-risk myelofibrosis; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab), for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

Further Reading

Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Co. (NASDAQ:INCY – Free Report).

Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

Receive News & Ratings for Incyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Incyte and related companies with MarketBeat.com's FREE daily email newsletter.