Incyte Corporation $INCY Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. cut its stake in Incyte Corporation (NASDAQ:INCY) by 0.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 19,951,623 shares of the biopharmaceutical company’s stock after selling 183,770 shares during the period. Vanguard Group Inc. owned 0.10% of Incyte worth $1,692,097,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new position in Incyte during the 3rd quarter valued at $26,000. FNY Investment Advisers LLC acquired a new stake in shares of Incyte in the second quarter valued at $27,000. Root Financial Partners LLC bought a new position in Incyte during the third quarter valued at about $28,000. Quent Capital LLC acquired a new position in Incyte during the third quarter worth about $30,000. Finally, MUFG Securities EMEA plc bought a new stake in Incyte in the second quarter worth about $32,000. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of Incyte stock opened at $101.32 on Friday. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $112.29. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The stock has a market cap of $20.16 billion, a PE ratio of 15.81, a price-to-earnings-growth ratio of 0.81 and a beta of 0.82. The business has a fifty day simple moving average of $102.32 and a 200-day simple moving average of $94.94.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the prior year, the company posted $1.43 earnings per share. The firm’s revenue was up 27.8% on a year-over-year basis. On average, sell-side analysts anticipate that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, insider Thomas Tray sold 2,774 shares of the stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $100.00, for a total value of $277,400.00. Following the completion of the sale, the insider owned 22,973 shares in the company, valued at $2,297,300. This represents a 10.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael James Morrissey sold 4,323 shares of the business’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $97.26, for a total transaction of $420,454.98. Following the transaction, the executive vice president owned 27,507 shares in the company, valued at approximately $2,675,330.82. This represents a 13.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 95,225 shares of company stock valued at $9,519,745 over the last ninety days. 17.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on INCY shares. Truist Financial set a $103.00 price objective on shares of Incyte in a research report on Wednesday, December 24th. Morgan Stanley set a $102.00 target price on shares of Incyte in a report on Wednesday, February 11th. Barclays upped their price target on Incyte from $116.00 to $117.00 and gave the company an “overweight” rating in a report on Wednesday. Royal Bank Of Canada reduced their price objective on Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 11th. Finally, TD Cowen restated a “buy” rating on shares of Incyte in a report on Tuesday, January 13th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus price target of $104.00.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.