Investment Management Corp of Ontario Sells 8,524 Shares of Incyte Co. (NASDAQ:INCY)

Investment Management Corp of Ontario decreased its holdings in Incyte Co. (NASDAQ:INCY - Free Report) by 31.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,356 shares of the biopharmaceutical company's stock after selling 8,524 shares during the quarter. Investment Management Corp of Ontario's holdings in Incyte were worth $1,268,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INCY. Retirement Systems of Alabama raised its position in Incyte by 0.4% in the fourth 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. Trust Point Inc. raised its holdings in shares of Incyte by 5.0% in the 4th quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company's stock worth $227,000 after buying an additional 156 shares in the last quarter. Bank of Nova Scotia lifted its position in shares of Incyte by 0.8% during the 4th 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. Mather Group LLC. boosted its stake in Incyte by 26.4% in the 4th quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company's stock valued at $57,000 after buying an additional 173 shares in the last quarter. Finally, 180 Wealth Advisors LLC grew its position in Incyte by 3.9% in the fourth quarter. 180 Wealth Advisors LLC now owns 5,231 shares of the biopharmaceutical company's stock valued at $361,000 after acquiring an additional 195 shares during the period. 96.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on INCY. Stifel Nicolaus upped their target price on shares of Incyte from $75.00 to $77.00 and gave the stock a "hold" rating in a report on Monday, February 10th. Morgan Stanley decreased their price objective on shares of Incyte from $69.00 to $65.00 and set an "equal weight" rating on the stock in a research note on Monday, March 24th. Citigroup cut their target price on shares of Incyte from $97.00 to $88.00 and set a "buy" rating for the company in a research note on Tuesday, February 11th. StockNews.com raised Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Truist Financial cut their price objective on Incyte from $74.00 to $72.00 and set a "hold" rating for the company in a research report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $73.53.

Insider Activity

In other news, EVP Barry P. Flannelly sold 19,807 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 33,567 shares in the company, valued at $2,272,150.23. This represents a 37.11% decrease in their position. The transaction was disclosed in a filing 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 Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total value of $41,924.01. Following the completion of the sale, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,809,101.52. This represents a 2.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,475 shares of company stock worth $2,424,751 over the last quarter. 17.80% of the stock is currently owned by company insiders.

Incyte Trading Up 0.9%

Shares of INCY stock traded up $0.55 during trading hours on Friday, reaching $63.31. The company had a trading volume of 1,330,051 shares, compared to its average volume of 2,324,806. Incyte Co. has a 1-year low of $53.56 and a 1-year 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 firm has a market cap of $12.25 billion, a price-to-earnings ratio of 234.49, a P/E/G ratio of 0.41 and a beta of 0.68. The company has a 50 day moving average of $60.59 and a 200 day moving average of $68.54.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.15. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $996.17 million. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The firm's revenue was up 19.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 EPS. On average, equities research analysts anticipate 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.