Incyte Corporation $INCY Shares Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Incyte stake by 524.9% in the third quarter, adding 646,890 shares to own 770,121 shares valued at about $90.2 million. Institutional investors collectively own 96.97% of the company.
• Analyst sentiment is mixed: 11 analysts rate INCY a Buy, 13 a Hold, and one a Sell. The consensus rating is Hold, with an average price target of $132.86.
• Incyte’s latest quarterly revenue rose 14% year over year to $1.56 billion, beating analyst estimates of $1.46 billion; reported EPS of -$3.60 also beat estimates of -$3.93.

Allspring Global Investments Holdings LLC boosted its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 524.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 770,121 shares of the biopharmaceutical company's stock after purchasing an additional 646,890 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.38% of Incyte worth $90,212,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Hohimer Wealth Management LLC purchased a new position in shares of Incyte during the third quarter worth about $6,686,000. Ethic Inc. lifted its stake in Incyte by 71.1% in the third quarter. Ethic Inc. now owns 9,418 shares of the biopharmaceutical company's stock valued at $1,143,000 after buying an additional 3,913 shares during the last quarter. 180 Wealth Advisors LLC lifted its stake in Incyte by 6.0% in the third quarter. 180 Wealth Advisors LLC now owns 7,469 shares of the biopharmaceutical company's stock valued at $906,000 after buying an additional 424 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in Incyte by 36.8% in the third quarter. Pictet Asset Management Holding SA now owns 975,726 shares of the biopharmaceutical company's stock valued at $118,984,000 after buying an additional 262,372 shares during the last quarter. Finally, AlphaCentric Advisors LLC boosted its holdings in shares of Incyte by 4.8% in the third quarter. AlphaCentric Advisors LLC now owns 15,140 shares of the biopharmaceutical company's stock valued at $1,837,000 after acquiring an additional 689 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on INCY. Barclays lifted their price objective on shares of Incyte from $139.00 to $143.00 and gave the company an "overweight" rating in a research note on Friday, October 30th. Weiss Ratings lowered Incyte from a "buy (b)" rating to a "hold (c)" rating in a report on Wednesday, November 4th. Piper Sandler boosted their price target on Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a research report on Monday, August 17th. Oppenheimer set a $152.00 price objective on Incyte in a research note on Tuesday, October 27th. Finally, Raymond James Financial set a $152.00 price objective on Incyte in a research report on Friday, October 16th. Eleven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $132.86.

Incyte Stock Up 1.9%

NASDAQ INCY opened at $121.89 on Tuesday. The stock has a market capitalization of $24.84 billion, a P/E ratio of 57.95, a P/E/G ratio of 4.47 and a beta of 0.78. Incyte Corporation has a 52-week low of $89.25 and a 52-week high of $132.60. The firm has a 50-day moving average price of $119.57 and a 200 day moving average price of $108.60.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share for the quarter, beating analysts' consensus estimates of ($3.93) by $0.33. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.46 billion. Incyte had a return on equity of 7.92% and a net margin of 6.71%. The firm's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.26 EPS. On average, equities research analysts expect that Incyte Corporation will post 2.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Thomas Tray sold 610 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $118.96, for a total value of $72,565.60. Following the completion of the transaction, the insider owned 21,126 shares in the company, valued at $2,513,148.96. This trade represents a 2.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares of the company's stock, valued at $23,002,592. This trade represents a 5.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,053 shares of company stock worth $1,726,519 in the last ninety days. 16.20% of the stock is currently owned by corporate insiders.

Incyte Profile

Incyte is a biopharmaceutical company that discovers, develops and commercializes medicines, with a focus on oncology, hematology and inflammatory and autoimmune diseases. Founded in 1991, the company is headquartered in Wilmington, Delaware, and conducts research and commercial activities in the United States and internationally.

Its products include Jakafi (ruxolitinib), used to treat certain blood disorders and graft-versus-host disease, and Opzelura (ruxolitinib cream), approved in the United States for certain skin conditions.

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