Balyasny Asset Management L.P. Sells 20,651 Shares of Incyte Co. (NASDAQ:INCY)

Balyasny Asset Management L.P. reduced its holdings in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 79.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,314 shares of the biopharmaceutical company's stock after selling 20,651 shares during the period. Balyasny Asset Management L.P.'s holdings in Incyte were worth $367,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of INCY. Bellevue Group AG increased its position in shares of Incyte by 0.3% during the 4th quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock worth $149,017,000 after purchasing an additional 6,927 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Incyte during the fourth quarter worth approximately $3,194,000. Meiji Yasuda Life Insurance Co boosted its holdings in shares of Incyte by 90.1% in the 4th quarter. Meiji Yasuda Life Insurance Co now owns 13,786 shares of the biopharmaceutical company's stock worth $952,000 after acquiring an additional 6,533 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Incyte by 131.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 7,624 shares of the biopharmaceutical company's stock valued at $527,000 after purchasing an additional 4,329 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in Incyte by 8,220.7% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 416,202 shares of the biopharmaceutical company's stock valued at $28,747,000 after purchasing an additional 411,200 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on INCY shares. JPMorgan Chase & Co. decreased their target price on Incyte from $70.00 to $68.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Guggenheim downgraded shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 target price for the company. in a research note on Tuesday, March 18th. Stifel Nicolaus upped their target price on shares of Incyte from $75.00 to $77.00 and gave the stock a "hold" rating in a research report on Monday, February 10th. Royal Bank of Canada raised their price target on shares of Incyte from $64.00 to $67.00 and gave the company a "sector perform" rating in a report on Wednesday, April 30th. Finally, William Blair downgraded Incyte from an "outperform" rating to a "market perform" rating in a report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $73.53.

Insider Transactions at Incyte

In other news, EVP Barry P. Flannelly sold 19,807 shares of the firm's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now owns 33,567 shares in the company, valued at $2,272,150.23. This trade represents a 37.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sheila A. Denton sold 14,069 shares of Incyte 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 approximately $1,914,561.36. This represents a 35.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,475 shares of company stock valued at $2,424,751 in the last ninety days. 17.80% of the stock is currently owned by corporate insiders.

Incyte Stock Up 2.3%

Shares of NASDAQ:INCY traded up $1.49 during midday trading on Tuesday, reaching $65.30. 2,059,096 shares of the company were exchanged, compared to its average volume of 2,319,280. The firm has a market cap of $12.64 billion, a PE ratio of 241.86, a P/E/G ratio of 0.41 and a beta of 0.68. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. Incyte Co. has a fifty-two week low of $53.56 and a fifty-two week high of $83.95. The stock has a fifty day simple moving average of $60.41 and a two-hundred day simple moving average of $68.30.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.15. Incyte had a return on equity of 0.05% and a net margin of 0.77%. The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $996.17 million. During the same period in the prior year, the firm earned $0.64 earnings per share. Incyte's revenue for the quarter was up 19.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Incyte Co. will post 4.86 earnings per share for the current year.

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.