Shell Asset Management Co. Cuts Stock Holdings in Incyte Co. (NASDAQ:INCY)

Shell Asset Management Co. lowered its stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 41.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,447 shares of the biopharmaceutical company's stock after selling 18,491 shares during the quarter. Shell Asset Management Co.'s holdings in Incyte were worth $1,827,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Royal Bank of Canada increased its position in shares of Incyte by 24.4% during the fourth quarter. Royal Bank of Canada now owns 209,479 shares of the biopharmaceutical company's stock worth $14,468,000 after acquiring an additional 41,071 shares during the period. Raiffeisen Bank International AG acquired a new position in shares of Incyte during the fourth quarter worth $34,000. Redwood Investment Management LLC acquired a new position in shares of Incyte during the fourth quarter worth $1,436,000. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Incyte by 3,731.6% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 19,158 shares of the biopharmaceutical company's stock worth $1,323,000 after purchasing an additional 18,658 shares in the last quarter. Finally, Point72 Hong Kong Ltd grew its stake in shares of Incyte by 2,274.9% during the fourth quarter. Point72 Hong Kong Ltd now owns 69,965 shares of the biopharmaceutical company's stock worth $4,832,000 after purchasing an additional 67,019 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Activity

In other 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 transaction of $1,340,735.83. Following the transaction, the executive vice president now directly owns 33,567 shares in the company, valued at $2,272,150.23. The trade was a 37.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Sheila A. Denton sold 14,069 shares of the business's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the transaction, the executive vice president now owns 25,848 shares in the company, valued at approximately $1,914,561.36. This trade represents a 35.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,475 shares of company stock valued at $2,424,751. Insiders own 17.80% of the company's stock.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $63.31 on Friday. The company has a 50-day simple moving average of $60.49 and a 200-day simple moving average of $68.47. Incyte Co. has a one year low of $53.56 and a one year high of $83.95. 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 capitalization of $12.25 billion, a price-to-earnings ratio of 234.49, a PEG ratio of 0.41 and a beta of 0.68.

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

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. 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 research note on Tuesday, March 18th. William Blair downgraded shares of Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. StockNews.com upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. JPMorgan Chase & Co. lowered their target price on shares of Incyte from $70.00 to $68.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Finally, Truist Financial lowered their target price on shares of Incyte from $74.00 to $72.00 and set a "hold" rating for the company in a research note on Tuesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have given 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 has an average 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.

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