Allspring Global Investments Holdings LLC Reduces Position in Incyte Co. (NASDAQ:INCY)

Allspring Global Investments Holdings LLC lowered its holdings in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 63.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 182,997 shares of the biopharmaceutical company's stock after selling 314,500 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.09% of Incyte worth $12,724,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Global X Japan Co. Ltd. increased its stake in shares of Incyte by 144.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company's stock worth $27,000 after purchasing an additional 230 shares in the last quarter. R Squared Ltd purchased a new stake in Incyte during the 4th quarter worth approximately $30,000. Brooklyn Investment Group acquired a new position in shares of Incyte during the third quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte during the third quarter valued at approximately $33,000. Finally, Cromwell Holdings LLC lifted its position in shares of Incyte by 101.1% in the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company's stock valued at $37,000 after acquiring an additional 283 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Trading Up 0.9 %

Shares of Incyte stock traded up $0.67 on Friday, reaching $72.05. The company had a trading volume of 1,514,741 shares, compared to its average volume of 1,623,589. The firm's 50 day moving average price is $71.17 and its two-hundred day moving average price is $69.33. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. Incyte Co. has a 52-week low of $50.35 and a 52-week high of $83.95. The firm has a market cap of $13.94 billion, a PE ratio of 266.87, a PEG ratio of 0.40 and a beta of 0.70.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Sell-side analysts predict that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on INCY. Bank of America raised Incyte from a "neutral" rating to a "buy" rating and increased their price objective for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. UBS Group started coverage on shares of Incyte in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $77.00 price target on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Incyte in a research note on Friday, January 10th. Morgan Stanley raised their target price on shares of Incyte from $64.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 30th. Finally, JMP Securities restated a "market perform" rating on shares of Incyte in a research report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $75.59.

Insider Buying and Selling

In other Incyte news, EVP Vijay K. Iyengar sold 6,043 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 30,658 shares in the company, valued at $2,311,000.04. This represents a 16.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas Tray sold 650 shares of the firm's stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $70.64, for a total transaction of $45,916.00. Following the completion of the transaction, the insider now directly owns 23,962 shares of the company's stock, valued at $1,692,675.68. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,695 shares of company stock valued at $1,444,356. Corporate insiders own 17.60% of the company's stock.

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.