Centre Asset Management LLC Sells 8,987 Shares of Incyte Co. (NASDAQ:INCY)

Centre Asset Management LLC trimmed its holdings in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 6.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 127,167 shares of the biopharmaceutical company's stock after selling 8,987 shares during the quarter. Incyte accounts for about 2.0% of Centre Asset Management LLC's holdings, making the stock its 27th largest position. Centre Asset Management LLC owned about 0.07% of Incyte worth $7,700,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of INCY. Norges Bank purchased a new stake in shares of Incyte during the fourth quarter valued at approximately $121,890,000. AQR Capital Management LLC grew its holdings in Incyte by 29.7% during the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock valued at $241,519,000 after purchasing an additional 801,090 shares during the period. Jacobs Levy Equity Management Inc. increased its position in Incyte by 861.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock worth $61,587,000 after buying an additional 798,877 shares during the last quarter. Sound Shore Management Inc. CT increased its position in Incyte by 98.4% in the fourth quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company's stock worth $82,959,000 after buying an additional 595,741 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its position in Incyte by 73.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock worth $90,749,000 after buying an additional 556,218 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

Incyte stock traded up $0.86 during midday trading on Monday, hitting $65.92. 408,991 shares of the company's stock were exchanged, compared to its average volume of 2,282,118. Incyte Co. has a 52-week low of $53.56 and a 52-week high of $83.95. The stock has a 50-day moving average price of $60.80 and a two-hundred day moving average price of $67.35. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The company has a market cap of $12.76 billion, a P/E ratio of 244.05, a PEG ratio of 0.41 and a beta of 0.68.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS 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 business had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $996.17 million. During the same period in the previous year, the business earned $0.64 earnings per share. The firm's revenue was up 19.5% on a year-over-year basis. On average, equities research analysts forecast that Incyte Co. will post 4.86 earnings per share for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the sale, the executive vice president now owns 33,567 shares of the company's stock, valued at $2,272,150.23. The trade was a 37.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total value of $41,924.01. Following the sale, the executive vice president now directly owns 25,848 shares of the company's stock, valued at approximately $1,809,101.52. This trade represents a 2.26% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on INCY shares. William Blair downgraded Incyte from an "outperform" rating to a "market perform" rating in a research report on Tuesday, March 18th. JMP Securities reissued a "market perform" rating on shares of Incyte in a research report on Tuesday, February 11th. Guggenheim downgraded Incyte from a "buy" rating to a "neutral" rating and set a $92.00 target price for the company. in a research report on Tuesday, March 18th. Truist Financial raised their target price on Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. Finally, Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $73.60.

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.