Incyte Co. (NASDAQ:INCY) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP trimmed its holdings in Incyte Co. (NASDAQ:INCY) by 59.0% in the third quarter, HoldingsChannel.com reports. The firm owned 71,730 shares of the biopharmaceutical company’s stock after selling 103,098 shares during the quarter. Wellington Management Group LLP’s holdings in Incyte were worth $4,741,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of INCY. Raymond James & Associates boosted its stake in shares of Incyte by 783.4% in the second quarter. Raymond James & Associates now owns 34,790 shares of the biopharmaceutical company’s stock valued at $2,109,000 after buying an additional 30,852 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of Incyte by 4.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 25,213 shares of the biopharmaceutical company’s stock valued at $1,528,000 after acquiring an additional 997 shares during the period. Dakota Wealth Management acquired a new stake in Incyte in the second quarter valued at approximately $1,063,000. Pallas Capital Advisors LLC purchased a new position in Incyte in the second quarter valued at about $210,000. Finally, MFA Wealth Advisors LLC acquired a new position in Incyte in the second quarter worth about $26,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of INCY opened at $69.80 on Tuesday. The stock has a 50-day moving average of $72.22 and a 200-day moving average of $66.40. Incyte Co. has a one year low of $50.35 and a one year high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The company has a market cap of $13.45 billion, a PE ratio of 498.57, a P/E/G ratio of 8.36 and a beta of 0.69.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data 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 firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company’s quarterly revenue was up 23.8% on a year-over-year basis. During the same quarter last year, the business posted $0.91 EPS. On average, equities research analysts predict that Incyte Co. will post 0.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on INCY. Citigroup increased their price objective on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. BMO Capital Markets restated an “underperform” rating and set a $52.00 target price (up from $48.00) on shares of Incyte in a report on Wednesday, October 30th. Guggenheim increased their target price on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, September 16th. StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Friday. Finally, Royal Bank of Canada lifted their price target on shares of Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $76.13.

Insider Buying and Selling at Incyte

In other news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the sale, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.60% of the company’s stock.

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.