Ameriprise Financial Inc. Reduces Holdings in Incyte Co. (NASDAQ:INCY)

Ameriprise Financial Inc. decreased its stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 23.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 566,990 shares of the biopharmaceutical company's stock after selling 176,002 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.29% of Incyte worth $39,160,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in Incyte by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company's stock worth $278,346,000 after purchasing an additional 103,910 shares during the period. AQR Capital Management LLC increased its holdings in shares of Incyte by 29.7% in the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock valued at $241,519,000 after acquiring an additional 801,090 shares during the last quarter. LSV Asset Management increased its holdings in shares of Incyte by 18.6% in the 4th quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company's stock valued at $239,500,000 after acquiring an additional 544,080 shares during the last quarter. Norges Bank purchased a new position in shares of Incyte in the 4th quarter valued at about $121,890,000. Finally, Northern Trust Corp increased its holdings in shares of Incyte by 9.7% in the 4th quarter. Northern Trust Corp now owns 1,696,123 shares of the biopharmaceutical company's stock valued at $117,151,000 after acquiring an additional 150,672 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Price Performance

Incyte stock traded up $0.55 during mid-day trading on Friday, reaching $63.31. The company had a trading volume of 1,330,051 shares, compared to its average volume of 2,324,761. Incyte Co. has a 1 year low of $53.56 and a 1 year high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The company has a market capitalization of $12.25 billion, a P/E ratio of 234.49, a P/E/G ratio of 0.41 and a beta of 0.68. The stock's 50-day simple moving average is $60.49 and its 200-day simple moving average is $68.39.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $996.17 million. During the same period last year, the company posted $0.64 earnings per share. The firm's quarterly revenue was up 19.5% compared to the same quarter last year. On average, equities analysts predict that Incyte Co. will post 4.86 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on INCY shares. Guggenheim downgraded Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price objective on the stock. in a report on Tuesday, March 18th. Wells Fargo & Company increased their price objective on Incyte from $58.00 to $59.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Citigroup dropped their price objective on Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a report on Tuesday, February 11th. JPMorgan Chase & Co. dropped their price objective on Incyte from $70.00 to $68.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Finally, Truist Financial decreased their target price on Incyte from $74.00 to $72.00 and set a "hold" rating for the company in a research report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $73.53.

Insider Buying and Selling at Incyte

In related news, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the transaction, the executive vice president now owns 33,567 shares in the company, valued at approximately $2,272,150.23. The trade was a 37.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Sheila A. Denton sold 14,069 shares of Incyte stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the transaction, the executive vice president now owns 25,848 shares in the company, valued at $1,914,561.36. The trade was a 35.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,475 shares of company stock worth $2,424,751 in the last quarter. 17.80% of the stock is owned by insiders.

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.