Incyte Corporation $INCY Stock Sold by GRIMES & Co WEALTH MANAGEMENT LLC

Key Points

• GRIMES & Co. Wealth Management reduced its Incyte position by 7.8% in the third quarter, selling 10,421 shares and retaining 124,027 shares valued at approximately $15.1 million.
• Institutional investors own 96.97% of Incyte, while insider Pablo Cagnoni separately sold 10,801 shares worth about $1.36 million under a pre-arranged Rule 10b5-1 plan.
• Incyte reported quarterly revenue of $1.56 billion, above estimates, and earnings per share of negative $3.60, beating expectations. Analysts have a consensus “Hold” rating and an average price target of $133.10, versus a share price of $120.04.

GRIMES & Co WEALTH MANAGEMENT LLC lessened its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 7.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 124,027 shares of the biopharmaceutical company's stock after selling 10,421 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC owned about 0.06% of Incyte worth $15,051,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in INCY. Greenleaf Trust lifted its position in Incyte by 2.8% in the 2nd quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company's stock valued at $381,000 after acquiring an additional 93 shares in the last quarter. 180 Wealth Advisors LLC increased its holdings in shares of Incyte by 2.0% in the 1st quarter. 180 Wealth Advisors LLC now owns 6,877 shares of the biopharmaceutical company's stock worth $647,000 after purchasing an additional 132 shares in the last quarter. Mather Group LLC. increased its holdings in shares of Incyte by 13.5% in the 3rd quarter. Mather Group LLC. now owns 1,157 shares of the biopharmaceutical company's stock worth $140,000 after purchasing an additional 138 shares in the last quarter. Tema ETFs LLC increased its holdings in shares of Incyte by 5.7% in the 2nd quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company's stock worth $307,000 after purchasing an additional 145 shares in the last quarter. Finally, Trust Point Inc. raised its stake in shares of Incyte by 5.5% in the second quarter. Trust Point Inc. now owns 2,968 shares of the biopharmaceutical company's stock worth $336,000 after purchasing an additional 156 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Activity at Incyte

In related news, insider Pablo Cagnoni sold 10,801 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares of the company's stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company's stock.

Incyte Price Performance

Incyte stock opened at $120.04 on Tuesday. The stock has a market cap of $24.33 billion, a P/E ratio of 63.85, a PEG ratio of 4.83 and a beta of 0.74. Incyte Corporation has a 1 year low of $89.25 and a 1 year high of $132.60. The firm's 50 day moving average price is $120.33 and its 200-day moving average price is $108.22.

Incyte (NASDAQ:INCY - Get Free Report) last issued 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 firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.46 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%. The business's quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.26 earnings per share. As a group, equities analysts expect that Incyte Corporation will post 1.97 EPS for the current year.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of research analyst reports. Mizuho upped their price target on Incyte from $121.00 to $137.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. Canaccord Genuity Group assumed coverage on Incyte in a research report on Thursday, August 20th. They issued a "buy" rating and a $152.00 target price for the company. Leerink Partners upped their target price on shares of Incyte from $131.00 to $155.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Guggenheim raised their price target on shares of Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Finally, Wall Street Zen lowered shares of Incyte from a "buy" rating to a "hold" rating in a research note on Saturday, October 10th. Twelve analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Incyte presently has an average rating of "Hold" and a consensus target price of $133.10.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.

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