Thrivent Financial for Lutherans Acquires 23,045 Shares of Incyte Co. (NASDAQ:INCY)

Thrivent Financial for Lutherans raised its stake in shares of Incyte Co. (NASDAQ:INCY) by 314.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 30,377 shares of the biopharmaceutical company’s stock after purchasing an additional 23,045 shares during the period. Thrivent Financial for Lutherans’ holdings in Incyte were worth $2,098,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Point72 Asset Management L.P. bought a new position in Incyte during the 3rd quarter valued at $156,611,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Incyte by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company’s stock valued at $113,487,000 after purchasing an additional 33,847 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Incyte by 7.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,127,515 shares of the biopharmaceutical company’s stock valued at $77,877,000 after purchasing an additional 78,827 shares in the last quarter. Candriam S.C.A. boosted its holdings in Incyte by 27.8% during the fourth quarter. Candriam S.C.A. now owns 1,034,652 shares of the biopharmaceutical company’s stock worth $71,463,000 after purchasing an additional 224,919 shares during the last quarter. Finally, Barclays PLC grew its position in Incyte by 8.1% in the 3rd quarter. Barclays PLC now owns 1,031,932 shares of the biopharmaceutical company’s stock worth $68,208,000 after purchasing an additional 77,542 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

INCY stock opened at $60.60 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. The firm’s 50-day moving average price is $69.53 and its two-hundred day moving average price is $70.04. The stock has a market capitalization of $11.73 billion, a price-to-earnings ratio of 224.45, a PEG ratio of 0.41 and a beta of 0.76. Incyte Co. has a 12-month low of $50.35 and a 12-month high of $83.95.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. As a group, equities analysts predict that Incyte Co. will post 4.86 earnings per share for the current year.

Analysts Set New Price Targets

INCY has been the subject of a number of research analyst reports. Guggenheim downgraded Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price target for the company. in a research report on Tuesday, March 18th. Citigroup cut their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. William Blair lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 18th. UBS Group initiated coverage on shares of Incyte in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price objective on the stock. Finally, Truist Financial reduced their target price on shares of Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Incyte has an average rating of “Hold” and an average price target of $74.88.

Insider Activity

In other Incyte news, EVP Sheila A. Denton sold 14,069 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total value of $1,042,090.83. Following the completion of the sale, the executive vice president now directly owns 25,848 shares in the company, valued at $1,914,561.36. This trade represents a 35.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the sale, the executive vice president now directly owns 33,567 shares in the company, valued at approximately $2,272,150.23. The trade was a 37.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,827 shares of company stock valued at $3,322,618. Company insiders own 17.60% of the company’s stock.

Incyte Company 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.