Allspring Global Investments Holdings LLC Sells 135,764 Shares of Incyte Corporation (NASDAQ:INCY)

Allspring Global Investments Holdings LLC lowered its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 74.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,233 shares of the biopharmaceutical company's stock after selling 135,764 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Incyte were worth $2,877,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Incyte by 10.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company's stock worth $1,577,000 after buying an additional 2,559 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Incyte by 10.3% in the first quarter. Robeco Institutional Asset Management B.V. now owns 1,391,107 shares of the biopharmaceutical company's stock worth $84,232,000 after acquiring an additional 130,320 shares in the last quarter. Chevy Chase Trust Holdings LLC increased its stake in shares of Incyte by 0.4% during the 1st quarter. Chevy Chase Trust Holdings LLC now owns 84,241 shares of the biopharmaceutical company's stock worth $5,101,000 after purchasing an additional 334 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Incyte by 0.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock valued at $5,451,000 after purchasing an additional 747 shares in the last quarter. Finally, Continuum Advisory LLC lifted its stake in shares of Incyte by 11,127.5% in the 1st quarter. Continuum Advisory LLC now owns 62,088 shares of the biopharmaceutical company's stock valued at $3,759,000 after purchasing an additional 61,535 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on INCY. Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. JPMorgan Chase & Co. cut their target price on shares of Incyte from $70.00 to $68.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Royal Bank Of Canada set a $67.00 price objective on Incyte and gave the stock a "sector perform" rating in a research note on Monday, June 23rd. William Blair downgraded Incyte from an "outperform" rating to a "market perform" rating in a research report on Tuesday, March 18th. Finally, Citigroup reiterated a "buy" rating on shares of Incyte in a report on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $74.53.

Incyte Trading Down 1.7%

NASDAQ INCY traded down $1.18 on Monday, reaching $67.27. The company had a trading volume of 1,688,958 shares, compared to its average volume of 1,968,302. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $83.95. The stock's 50 day moving average is $65.52 and its 200-day moving average is $66.66. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01. The stock has a market cap of $13.02 billion, a price-to-earnings ratio of 210.23, a PEG ratio of 0.58 and a beta of 0.68.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $996.17 million. Incyte had a return on equity of 2.77% and a net margin of 0.48%. Incyte's revenue was up 19.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.64 EPS. Equities analysts predict that Incyte Corporation will post 4.86 earnings per share for the current year.

Incyte 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.