Connor Clark & Lunn Investment Management Ltd. Decreases Stake in Incyte Co. (NASDAQ:INCY)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 48.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 582,107 shares of the biopharmaceutical company's stock after selling 547,874 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.30% of Incyte worth $38,477,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in INCY. MFA Wealth Advisors LLC bought a new position in Incyte in the 2nd quarter valued at about $26,000. Innealta Capital LLC bought a new position in Incyte in the 2nd quarter valued at approximately $32,000. Cromwell Holdings LLC lifted its stake in Incyte by 101.1% in the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company's stock valued at $37,000 after purchasing an additional 283 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Incyte during the second quarter valued at $36,000. Finally, Deseret Mutual Benefit Administrators raised its stake in 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 during the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 3,680 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares of the company's stock, valued at approximately $2,269,280.40. This trade represents a 18.84 % 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 over the last 90 days. 17.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on INCY shares. Wells Fargo & Company boosted their target price on shares of Incyte from $62.00 to $68.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on shares of Incyte from $63.00 to $70.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Truist Financial restated a "hold" rating and set a $74.00 price target (down from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Bank of America upgraded shares of Incyte from a "neutral" rating to a "buy" rating and increased their target price for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. increased their target price on shares of Incyte from $65.00 to $71.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. One equities 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat, Incyte has a consensus rating of "Hold" and a consensus price target of $77.16.

Incyte Stock Up 0.7 %

NASDAQ:INCY traded up $0.49 on Wednesday, reaching $71.05. 2,311,311 shares of the stock traded hands, compared to its average volume of 2,377,621. The company's fifty day simple moving average is $69.43 and its 200 day simple moving average is $64.19. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a market capitalization of $13.69 billion, a price-to-earnings ratio of 504.04, a PEG ratio of 8.75 and a beta of 0.71. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01.

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