Grimes & Company Inc. Has $6.08 Million Stock Holdings in Incyte Co. (NASDAQ:INCY)

Grimes & Company Inc. cut its position in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 48.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 96,755 shares of the biopharmaceutical company's stock after selling 92,723 shares during the period. Grimes & Company Inc.'s holdings in Incyte were worth $6,075,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. ARK Investment Management LLC lifted its stake in Incyte by 7.7% during the fourth quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company's stock worth $33,381,000 after purchasing an additional 37,932 shares during the period. State of Alaska Department of Revenue raised its stake in Incyte by 13.6% during the third quarter. State of Alaska Department of Revenue now owns 64,309 shares of the biopharmaceutical company's stock worth $3,714,000 after acquiring an additional 7,695 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Incyte by 85.3% during the third quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company's stock valued at $57,021,000 after acquiring an additional 454,416 shares during the period. Seven Eight Capital LP acquired a new stake in shares of Incyte in the 2nd quarter valued at $6,311,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Incyte by 55.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 42,945 shares of the biopharmaceutical company's stock worth $2,481,000 after purchasing an additional 15,319 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Trading Up 0.5 %

Shares of NASDAQ INCY traded up $0.25 during mid-day trading on Friday, hitting $55.24. The company's stock had a trading volume of 1,603,328 shares, compared to its average volume of 1,783,786. The company's fifty day simple moving average is $58.40 and its 200-day simple moving average is $58.24. Incyte Co. has a one year low of $50.27 and a one year high of $76.04. The stock has a market cap of $12.40 billion, a price-to-earnings ratio of 20.85, a price-to-earnings-growth ratio of 1.18 and a beta of 0.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.55 and a quick ratio of 3.36.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.09). The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Incyte had a return on equity of 12.56% and a net margin of 16.17%. The firm's revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 earnings per share. On average, sell-side analysts anticipate that Incyte Co. will post 3.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

INCY has been the subject of several analyst reports. SVB Leerink raised shares of Incyte from a "market perform" rating to an "outperform" rating and set a $78.00 price target for the company in a report on Wednesday, December 13th. Truist Financial cut their target price on shares of Incyte from $91.00 to $84.00 and set a "buy" rating for the company in a research note on Wednesday, February 14th. BMO Capital Markets increased their price target on Incyte from $58.00 to $64.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 14th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $65.00 price objective on shares of Incyte in a research report on Monday, March 25th. Finally, Mizuho reduced their price objective on Incyte from $82.00 to $77.00 and set a "neutral" rating on the stock in a research note on Thursday, December 14th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $76.07.

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.