Incyte Co. (NASDAQ:INCY) Stake Cut by Rafferty Asset Management LLC

Rafferty Asset Management LLC decreased its position in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 28.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 203,319 shares of the biopharmaceutical company's stock after selling 79,302 shares during the period. Rafferty Asset Management LLC owned 0.11% of Incyte worth $14,043,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Retirement Systems of Alabama grew its holdings in shares of Incyte by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company's stock worth $2,391,000 after purchasing an additional 139 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased 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 purchasing an additional 150 shares during the last quarter. Trust Point Inc. increased its holdings in shares of Incyte by 5.0% in the fourth quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company's stock worth $227,000 after acquiring an additional 156 shares in the last quarter. Bank of Nova Scotia boosted 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 during the period. Finally, Mather Group LLC. boosted its position in shares of Incyte by 26.4% during the fourth quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company's stock worth $57,000 after buying an additional 173 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on INCY. Wells Fargo & Company upped their price objective on Incyte from $58.00 to $59.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. Royal Bank of Canada lifted 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. JPMorgan Chase & Co. decreased their price target on Incyte from $70.00 to $68.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Guggenheim lowered Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price target on the stock. in a research note on Tuesday, March 18th. Finally, Stifel Nicolaus boosted their price objective on Incyte from $75.00 to $77.00 and gave the stock a "hold" rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Incyte currently has an average rating of "Hold" and an average price target of $73.53.

Insider Activity

In related news, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction dated 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 transaction, the executive vice president now owns 33,567 shares of the company's stock, valued at approximately $2,272,150.23. The trade was a 37.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the transaction, the executive vice president now directly owns 25,848 shares of the company's stock, valued at $1,809,101.52. The trade was a 2.26% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,475 shares of company stock valued at $2,424,751. 17.80% of the stock is currently owned by company insiders.

Incyte Stock Performance

NASDAQ INCY traded up $1.49 during trading hours on Tuesday, reaching $65.30. The stock had a trading volume of 2,059,096 shares, compared to its average volume of 2,320,646. Incyte Co. has a 52-week low of $53.56 and a 52-week high of $83.95. The stock has a market cap of $12.64 billion, a P/E ratio of 241.86, a price-to-earnings-growth ratio of 0.41 and a beta of 0.68. The stock has a fifty day moving average of $60.41 and a 200 day moving average of $68.30. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $996.17 million. During the same period in the previous year, the business earned $0.64 earnings per share. The firm's revenue for the quarter was up 19.5% on a year-over-year basis. Sell-side analysts predict that Incyte Co. will post 4.86 earnings per share for the current year.

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.