Wellington Management Group LLP Buys 64,632 Shares of Incyte Co. (NASDAQ:INCY)

Wellington Management Group LLP grew its stake in Incyte Co. (NASDAQ:INCY - Free Report) by 90.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 136,362 shares of the biopharmaceutical company's stock after acquiring an additional 64,632 shares during the quarter. Wellington Management Group LLP owned 0.07% of Incyte worth $9,419,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of INCY. Norges Bank bought a new position in shares of Incyte during the 4th quarter worth approximately $121,890,000. AQR Capital Management LLC grew its stake in shares of Incyte by 29.7% during the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock worth $241,519,000 after acquiring an additional 801,090 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Incyte by 861.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock worth $61,587,000 after acquiring an additional 798,877 shares in the last quarter. Sound Shore Management Inc. CT grew its stake in shares of Incyte by 98.4% during the 4th quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company's stock worth $82,959,000 after acquiring an additional 595,741 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in shares of Incyte by 73.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock worth $90,749,000 after acquiring an additional 556,218 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. William Blair cut shares of Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. Citigroup cut their price objective on Incyte from $97.00 to $88.00 and set a "buy" rating for the company in a report on Tuesday, February 11th. UBS Group reissued a "neutral" rating and issued a $61.00 price objective on shares of Incyte in a report on Tuesday. Royal Bank of Canada increased their price objective on Incyte from $64.00 to $67.00 and gave the company a "sector perform" rating in a report on Wednesday, April 30th. Finally, Truist Financial raised their price target on Incyte from $72.00 to $73.00 and gave the company a "hold" rating in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Incyte currently has an average rating of "Hold" and an average price target of $72.53.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the sale, the executive vice president now directly owns 33,567 shares of the company's stock, valued at approximately $2,272,150.23. This trade represents a 37.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 17.80% of the company's stock.

Incyte Price Performance

Shares of NASDAQ INCY traded up $0.31 during mid-day trading on Wednesday, reaching $67.42. The company had a trading volume of 1,577,488 shares, compared to its average volume of 2,275,351. Incyte Co. has a one year low of $53.56 and a one year high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The business's 50-day simple moving average is $61.01 and its 200 day simple moving average is $67.28. The firm has a market cap of $13.05 billion, a price-to-earnings ratio of 249.71, a PEG ratio of 0.41 and a beta of 0.68.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) 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 firm had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. During the same quarter in the previous year, the business posted $0.64 earnings per share. The business's revenue for the quarter was up 19.5% on a year-over-year basis. On average, research analysts predict that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

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.