Principal Financial Group Inc. Sells 27,138 Shares of Incyte Co. (NASDAQ:INCY)

Principal Financial Group Inc. decreased its position in Incyte Co. (NASDAQ:INCY) by 10.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 220,750 shares of the biopharmaceutical company’s stock after selling 27,138 shares during the quarter. Principal Financial Group Inc.’s holdings in Incyte were worth $14,592,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in INCY. Raymond James & Associates lifted its holdings in Incyte by 783.4% during the second quarter. Raymond James & Associates now owns 34,790 shares of the biopharmaceutical company’s stock worth $2,109,000 after acquiring an additional 30,852 shares during the period. Innealta Capital LLC bought a new stake in shares of Incyte during the 2nd quarter worth $32,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Incyte by 241.3% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 79,728 shares of the biopharmaceutical company’s stock worth $4,833,000 after buying an additional 56,370 shares during the last quarter. Signaturefd LLC grew its position in Incyte by 14.3% during the second quarter. Signaturefd LLC now owns 3,611 shares of the biopharmaceutical company’s stock valued at $219,000 after buying an additional 451 shares during the period. Finally, iA Global Asset Management Inc. increased its holdings in Incyte by 100.1% during the second quarter. iA Global Asset Management Inc. now owns 7,809 shares of the biopharmaceutical company’s stock worth $473,000 after buying an additional 3,906 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of research reports. Royal Bank of Canada increased their target price on shares of Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, November 14th. UBS Group began coverage on Incyte in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 target price for the company. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research note on Tuesday, November 19th. Finally, Wells Fargo & Company upped their price target on shares of Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Incyte presently has an average rating of “Hold” and a consensus target price of $76.29.

Insider Transactions at Incyte

In related news, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $70.64, for a total transaction of $45,916.00. Following the transaction, the insider now directly owns 23,962 shares of the company’s stock, valued at approximately $1,692,675.68. This trade represents a 2.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 6,043 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares of the company’s stock, valued at $2,311,000.04. The trade was a 16.47 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,023 shares of company stock valued at $839,711. Insiders own 17.60% of the company’s stock.

Incyte Price Performance

Incyte stock opened at $69.23 on Friday. The business has a 50-day simple moving average of $72.77 and a 200 day simple moving average of $66.99. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The stock has a market cap of $13.34 billion, a price-to-earnings ratio of 494.54, a PEG ratio of 7.90 and a beta of 0.69. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the business earned $0.91 earnings per share. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. On average, research analysts forecast that Incyte Co. will post 0.4 earnings per share 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.