Incyte Corporation (NASDAQ:INCY) Shares Sold by Wealthfront Advisers LLC

Wealthfront Advisers LLC trimmed its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 81.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,195 shares of the biopharmaceutical company's stock after selling 30,639 shares during the period. Wealthfront Advisers LLC's holdings in Incyte were worth $436,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV raised its holdings in Incyte by 0.7% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock valued at $1,410,000 after buying an additional 150 shares during the period. Bank of Nova Scotia grew its position in shares of Incyte by 0.8% during the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock worth $1,498,000 after buying an additional 171 shares in the last quarter. Blackhawk Capital Partners LLC. grew its position in shares of Incyte by 4.4% during the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock worth $250,000 after buying an additional 175 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Incyte by 2.0% in the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock worth $551,000 after purchasing an additional 179 shares during the period. Finally, State of Michigan Retirement System lifted its stake in Incyte by 0.5% in the first quarter. State of Michigan Retirement System now owns 43,559 shares of the biopharmaceutical company's stock valued at $2,637,000 after buying an additional 200 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Price Performance

NASDAQ:INCY opened at $67.38 on Tuesday. The firm has a market capitalization of $13.04 billion, a price-to-earnings ratio of 210.57, a P/E/G ratio of 0.57 and a beta of 0.68. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $83.95. The stock has a fifty day moving average of $67.12 and a 200 day moving average of $66.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.04.

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

Insider Buying and Selling

In other news, EVP Steven H. Stein sold 14,952 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the completion of the transaction, the executive vice president owned 97,466 shares in the company, valued at $6,673,497.02. This trade represents a 13.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the transaction, the executive vice president owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,392 shares of company stock valued at $3,584,411 in the last 90 days. 17.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on INCY shares. Stifel Nicolaus upgraded 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 report on Monday, June 16th. Truist Financial lifted their target price on Incyte from $72.00 to $73.00 and gave the company a "hold" rating in a research note on Tuesday, May 27th. Royal Bank Of Canada set a $67.00 target price on Incyte and gave the stock a "sector perform" rating in a research report on Monday, June 23rd. Wells Fargo & Company upped their target price on Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Finally, Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $74.47.

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.

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