Incyte Co. (NASDAQ:INCY) Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC cut its stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 61.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,684 shares of the biopharmaceutical company's stock after selling 4,288 shares during the quarter. NewEdge Advisors LLC's holdings in Incyte were worth $185,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Incyte in the fourth quarter worth about $121,890,000. Sound Shore Management Inc. CT raised its holdings in shares of Incyte by 98.4% in the 4th quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company's stock valued at $82,959,000 after purchasing an additional 595,741 shares in the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Incyte by 73.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock valued at $90,749,000 after purchasing an additional 556,218 shares in the last quarter. LSV Asset Management boosted its stake in shares of Incyte by 18.6% during the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company's stock valued at $239,500,000 after purchasing an additional 544,080 shares in the last quarter. Finally, Bridgewater Associates LP boosted its stake in shares of Incyte by 117.7% during the fourth quarter. Bridgewater Associates LP now owns 671,777 shares of the biopharmaceutical company's stock valued at $46,400,000 after purchasing an additional 363,145 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 19,807 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president now owns 33,567 shares of the company's stock, valued at $2,272,150.23. This trade represents a 37.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction on 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 owns 25,848 shares of the company's stock, valued at approximately $1,809,101.52. This represents a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,475 shares of company stock worth $2,424,751. Insiders own 17.60% of the company's stock.

Incyte Stock Performance

NASDAQ INCY traded down $2.45 during trading hours on Tuesday, reaching $59.66. The stock had a trading volume of 2,329,270 shares, compared to its average volume of 2,358,281. Incyte Co. has a 52-week low of $52.81 and a 52-week high of $83.95. The stock has a fifty day moving average of $62.29 and a 200 day moving average of $68.86. 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 stock has a market cap of $11.55 billion, a P/E ratio of 220.97, a price-to-earnings-growth ratio of 0.41 and a beta of 0.68.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $996.17 million. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The business's revenue for the quarter was up 19.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 EPS. Sell-side analysts predict that Incyte Co. will post 4.86 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on INCY. Royal Bank of Canada upped their target price on Incyte from $64.00 to $67.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 30th. StockNews.com raised Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Guggenheim downgraded shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 target price for the company. in a report on Tuesday, March 18th. Cantor Fitzgerald restated a "neutral" rating on shares of Incyte in a report on Friday, January 10th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Incyte from $70.00 to $68.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Incyte presently has a consensus rating of "Hold" and a consensus price target of $73.53.

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.