ARK Investment Management LLC Has $13.98 Million Stock Position in Incyte Co. (NASDAQ:INCY)

ARK Investment Management LLC decreased its stake in Incyte Co. (NASDAQ:INCY - Free Report) by 46.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 211,536 shares of the biopharmaceutical company's stock after selling 187,127 shares during the quarter. ARK Investment Management LLC owned 0.11% of Incyte worth $13,983,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. MFA Wealth Advisors LLC acquired a new stake in shares of Incyte during the second quarter worth about $26,000. Innealta Capital LLC bought a new position in shares of Incyte during the second quarter worth about $32,000. Itau Unibanco Holding S.A. bought a new position in shares of Incyte during the second quarter worth about $36,000. Deseret Mutual Benefit Administrators grew its holdings in shares of Incyte by 37.1% during the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company's stock worth $37,000 after buying an additional 164 shares in the last quarter. Finally, Cromwell Holdings LLC grew its holdings in shares of Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company's stock worth $37,000 after buying an additional 283 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Insider Buying and Selling

In related news, insider Thomas Tray sold 572 shares of the business's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the sale, the executive vice president now owns 58,042 shares in the company, valued at approximately $4,624,786.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Thomas Tray sold 572 shares of the company's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,702 shares of company stock worth $856,166 in the last 90 days. Insiders own 17.60% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on INCY shares. Guggenheim increased their price objective on Incyte from $86.00 to $92.00 and gave the stock a "buy" rating in a report on Monday, September 16th. Cantor Fitzgerald restated a "neutral" rating on shares of Incyte in a research note on Monday, September 16th. Oppenheimer raised their price target on Incyte from $81.00 to $82.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Wolfe Research initiated coverage on Incyte in a research note on Tuesday, October 1st. They issued an "outperform" rating and a $84.00 price target for the company. Finally, BMO Capital Markets restated an "underperform" rating and issued a $52.00 price target (up from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Incyte has an average rating of "Hold" and an average price target of $76.74.

Incyte Stock Performance

NASDAQ:INCY traded up $1.04 during mid-day trading on Friday, hitting $83.38. 3,235,681 shares of the stock were exchanged, compared to its average volume of 2,345,210. The stock has a market capitalization of $16.06 billion, a price-to-earnings ratio of 595.61, a price-to-earnings-growth ratio of 8.73 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. The firm's 50-day simple moving average is $67.48 and its 200 day simple moving average is $62.79. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts' consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the firm posted $0.91 EPS. Incyte's quarterly revenue was up 23.8% on a year-over-year basis. As a group, equities 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.