Allspring Global Investments Holdings LLC Increases Holdings in Incyte Co. (NASDAQ:INCY)

Allspring Global Investments Holdings LLC raised its position in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 51.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 760,360 shares of the biopharmaceutical company's stock after acquiring an additional 259,779 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.34% of Incyte worth $47,743,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Clear Street Markets LLC boosted its stake in Incyte by 93.6% during the 1st quarter. Clear Street Markets LLC now owns 362 shares of the biopharmaceutical company's stock worth $26,000 after purchasing an additional 175 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Incyte by 91.0% during the 1st quarter. Parkside Financial Bank & Trust now owns 447 shares of the biopharmaceutical company's stock worth $36,000 after purchasing an additional 213 shares during the last quarter. Salem Investment Counselors Inc. lifted its position in Incyte by 1,458.0% during the second quarter. Salem Investment Counselors Inc. now owns 779 shares of the biopharmaceutical company's stock worth $59,000 after buying an additional 729 shares in the last quarter. Allworth Financial LP boosted its stake in Incyte by 40.0% during the fourth quarter. Allworth Financial LP now owns 802 shares of the biopharmaceutical company's stock worth $50,000 after buying an additional 229 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in Incyte in the 1st quarter valued at $71,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Stock Down 1.9 %

Shares of NASDAQ:INCY traded down $1.07 on Friday, hitting $53.85. 1,177,680 shares of the company's stock were exchanged, compared to its average volume of 1,701,863. Incyte Co. has a 1-year low of $50.27 and a 1-year high of $75.74. The company has a market capitalization of $12.09 billion, a PE ratio of 20.32, a P/E/G ratio of 1.18 and a beta of 0.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55. The firm's 50-day moving average is $58.06 and its 200 day moving average is $58.15.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on INCY shares. BMO Capital Markets boosted their price target on shares of Incyte from $58.00 to $64.00 and gave the company a "market perform" rating in a research report on Wednesday, February 14th. Citigroup dropped their price target on shares of Incyte from $82.00 to $81.00 and set a "buy" rating for the company in a research report on Wednesday, February 14th. Mizuho decreased their price objective on shares of Incyte from $82.00 to $77.00 and set a "neutral" rating on the stock in a report on Thursday, December 14th. JMP Securities downgraded shares of Incyte from an "outperform" rating to a "market perform" rating in a report on Wednesday, February 14th. Finally, William Blair restated an "outperform" rating on shares of Incyte in a research note on Tuesday, February 6th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $76.07.

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.