Royal Bank of Canada Acquires 41,071 Shares of Incyte Co. (NASDAQ:INCY)

Royal Bank of Canada boosted its stake in Incyte Co. (NASDAQ:INCY - Free Report) by 24.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,479 shares of the biopharmaceutical company's stock after acquiring an additional 41,071 shares during the period. Royal Bank of Canada owned 0.11% of Incyte worth $14,468,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Wells Fargo & Company MN increased its holdings in shares of Incyte by 61.3% during the fourth quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock valued at $12,031,000 after purchasing an additional 66,220 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Incyte by 13.5% during the fourth quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock valued at $22,354,000 after acquiring an additional 38,550 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of Incyte by 73.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock valued at $90,749,000 after acquiring an additional 556,218 shares during the period. Tandem Financial LLC acquired a new position in shares of Incyte during the fourth quarter valued at approximately $358,000. Finally, Commonwealth Equity Services LLC increased its stake in shares of Incyte by 2.6% during the fourth quarter. Commonwealth Equity Services LLC now owns 30,527 shares of the biopharmaceutical company's stock valued at $2,109,000 after acquiring an additional 782 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Analyst Upgrades and Downgrades

INCY has been the topic of several research analyst reports. Citigroup lowered their price target on Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a research report on Tuesday, February 11th. Royal Bank of Canada lifted their target price on Incyte from $64.00 to $67.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 30th. Guggenheim lowered Incyte from a "buy" rating to a "neutral" rating and set a $92.00 target price on the stock. in a report on Tuesday, March 18th. JPMorgan Chase & Co. lowered their price objective on shares of Incyte from $70.00 to $68.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Finally, Truist Financial lifted their price objective on shares of Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $73.60.

Insider Buying and Selling at Incyte

In related news, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the transaction, the executive vice president now directly owns 25,848 shares of the company's stock, valued at approximately $1,809,101.52. The trade was a 2.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the transaction, 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. Company insiders own 17.80% of the company's stock.

Incyte Trading Down 1.2%

NASDAQ INCY traded down $0.79 on Friday, hitting $65.25. 3,737,618 shares of the stock were exchanged, compared to its average volume of 2,289,471. Incyte Co. has a 52-week low of $53.56 and a 52-week high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The company has a market capitalization of $12.63 billion, a price-to-earnings ratio of 241.68, a P/E/G ratio of 0.41 and a beta of 0.68. The company's 50-day moving average price is $60.80 and its two-hundred day moving average price is $67.43.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $996.17 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. Incyte's revenue for the quarter was up 19.5% compared to the same quarter last year. Research analysts predict that Incyte Co. will post 4.86 EPS for the current year.

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.