ProShare Advisors LLC Reduces Position in Incyte Co. (NASDAQ:INCY)

ProShare Advisors LLC decreased its stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 23.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 42,195 shares of the biopharmaceutical company's stock after selling 12,996 shares during the quarter. ProShare Advisors LLC's holdings in Incyte were worth $2,914,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mufg Securities Americas Inc. acquired a new position in Incyte in the 4th quarter valued at about $163,000. Nissay Asset Management Corp Japan ADV raised its position in shares of Incyte by 0.7% during the 4th 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. Nomura Holdings Inc. acquired a new position in Incyte in the fourth quarter valued at approximately $619,000. Nuveen Asset Management LLC lifted its holdings in Incyte by 4.3% in the fourth quarter. Nuveen Asset Management LLC now owns 506,723 shares of the biopharmaceutical company's stock valued at $34,999,000 after acquiring an additional 20,855 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in Incyte by 123.8% in the fourth quarter. Lazard Asset Management LLC now owns 147,172 shares of the biopharmaceutical company's stock worth $10,164,000 after acquiring an additional 81,408 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Down 0.4%

NASDAQ INCY traded down $0.26 during trading hours on Monday, hitting $64.25. 873,888 shares of the company were exchanged, compared to its average volume of 2,312,818. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The firm has a market cap of $12.44 billion, a price-to-earnings ratio of 237.97, a PEG ratio of 0.41 and a beta of 0.68. The company has a 50 day moving average of $60.44 and a two-hundred day moving average of $67.90. Incyte Co. has a 52-week low of $53.56 and a 52-week high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last released 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. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. During the same period in the prior year, the firm earned $0.64 earnings per share. The business's quarterly revenue was up 19.5% compared to the same quarter last year. Equities research analysts anticipate that Incyte Co. will post 4.86 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Morgan Stanley lowered their target price on shares of Incyte from $69.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, March 24th. Wells Fargo & Company lifted their price target on shares of Incyte from $58.00 to $59.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. JMP Securities restated a "market perform" rating on shares of Incyte in a report on Tuesday, February 11th. Finally, Royal Bank of Canada lifted their target price on shares of Incyte from $64.00 to $67.00 and gave the company a "sector perform" rating in a 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $73.53.

Insider Buying and Selling at Incyte

In related news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total value of $41,924.01. Following the transaction, the executive vice president now owns 25,848 shares of the company's stock, valued at $1,809,101.52. This represents a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the firm's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the sale, the executive vice president now owns 33,567 shares in the company, valued at approximately $2,272,150.23. This represents a 37.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,475 shares of company stock valued at $2,424,751. Insiders own 17.80% of the company's stock.

About Incyte

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.