ARK Investment Management LLC Sells 6,325 Shares of Incyte Corporation $INCY

ARK Investment Management LLC decreased its position in shares of Incyte Corporation (NASDAQ:INCY) by 4.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 147,335 shares of the biopharmaceutical company’s stock after selling 6,325 shares during the quarter. ARK Investment Management LLC owned approximately 0.08% of Incyte worth $12,495,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. denkapparat Operations GmbH grew its holdings in Incyte by 46.1% during the 2nd quarter. denkapparat Operations GmbH now owns 11,292 shares of the biopharmaceutical company’s stock worth $769,000 after acquiring an additional 3,564 shares during the last quarter. Rakuten Investment Management Inc. acquired a new position in shares of Incyte during the third quarter worth $14,646,000. LBP AM SA grew its stake in shares of Incyte by 33.6% in the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock worth $20,245,000 after purchasing an additional 59,974 shares during the last quarter. AustralianSuper Pty Ltd acquired a new stake in Incyte in the third quarter valued at $18,085,000. Finally, Massachusetts Financial Services Co. MA raised its position in Incyte by 38.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company’s stock worth $32,873,000 after purchasing an additional 108,645 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Activity

In other news, insider Thomas Tray sold 2,774 shares of the stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $100.00, for a total transaction of $277,400.00. Following the transaction, the insider owned 22,973 shares of the company’s stock, valued at $2,297,300. This represents a 10.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael James Morrissey sold 54,008 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $97.29, for a total value of $5,254,438.32. Following the completion of the sale, the executive vice president owned 31,830 shares of the company’s stock, valued at approximately $3,096,740.70. This represents a 62.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 72,561 shares of company stock worth $7,195,307. Company insiders own 17.80% of the company’s stock.

Incyte Price Performance

Incyte stock opened at $98.86 on Thursday. The stock has a market capitalization of $19.67 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 0.78 and a beta of 0.84. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $112.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. The stock’s 50 day moving average price is $102.42 and its two-hundred day moving average price is $96.08.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. TD Cowen reiterated a “buy” rating on shares of Incyte in a report on Tuesday, January 13th. Wells Fargo & Company lowered their price target on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a report on Wednesday, February 11th. Stifel Nicolaus boosted their price target on shares of Incyte from $119.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Finally, Piper Sandler increased their price objective on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Incyte has a consensus rating of “Hold” and an average price target of $104.00.

Incyte Profile

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.