Citigroup Inc. Cuts Stock Position in Incyte Co. (NASDAQ:INCY)

Citigroup Inc. trimmed its stake in shares of Incyte Co. (NASDAQ:INCY) by 42.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 166,550 shares of the biopharmaceutical company’s stock after selling 124,635 shares during the period. Citigroup Inc.’s holdings in Incyte were worth $11,009,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Kennedy Capital Management LLC purchased a new position in shares of Incyte in the first quarter valued at approximately $463,000. California State Teachers Retirement System lifted its holdings in Incyte by 0.9% in the 1st quarter. California State Teachers Retirement System now owns 305,501 shares of the biopharmaceutical company’s stock valued at $17,404,000 after purchasing an additional 2,589 shares in the last quarter. Tidal Investments LLC boosted its stake in Incyte by 113.7% during the 1st quarter. Tidal Investments LLC now owns 38,894 shares of the biopharmaceutical company’s stock worth $2,216,000 after purchasing an additional 20,694 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Incyte during the first quarter worth $638,000. Finally, Swedbank AB purchased a new position in shares of Incyte in the first quarter worth about $37,440,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the sale, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. The trade was a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,702 shares of company stock valued at $856,166 in the last quarter. Corporate insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Truist Financial reiterated a “hold” rating and issued a $74.00 price objective (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft lifted their price objective on Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. StockNews.com upgraded Incyte from a “buy” rating to a “strong-buy” rating in a report on Thursday. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $68.00 to $90.00 in a report on Tuesday, October 29th. Finally, Guggenheim raised their price objective on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $77.16.

Incyte Trading Up 0.9 %

NASDAQ INCY opened at $75.45 on Friday. Incyte Co. has a one year low of $50.35 and a one year high of $83.95. The firm has a 50 day simple moving average of $70.58 and a 200-day simple moving average of $64.99. The firm has a market cap of $14.54 billion, a price-to-earnings ratio of 538.93, a PEG ratio of 8.48 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business’s revenue was up 23.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 EPS. Equities research analysts anticipate that Incyte Co. will post 0.4 EPS for the current fiscal year.

About Incyte

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.