First Trust Advisors LP Has $65.49 Million Stock Holdings in Incyte Co. (NASDAQ:INCY)

First Trust Advisors LP decreased its position in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 17.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 948,181 shares of the biopharmaceutical company's stock after selling 196,419 shares during the period. First Trust Advisors LP owned approximately 0.49% of Incyte worth $65,491,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. CWA Asset Management Group LLC acquired a new stake in Incyte during the fourth quarter worth approximately $1,933,000. Tri Ri Asset Management Corp acquired a new stake in shares of Incyte during the 3rd quarter worth $3,292,000. Wells Fargo & Company MN increased its position in shares of Incyte by 61.3% in the fourth quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock worth $12,031,000 after purchasing an additional 66,220 shares during the period. Pallas Capital Advisors LLC acquired a new position in Incyte in the fourth quarter valued at about $1,006,000. Finally, JPMorgan Chase & Co. lifted its position in Incyte by 13.5% during the fourth quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock worth $22,354,000 after purchasing an additional 38,550 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Up 1.0 %

Shares of NASDAQ:INCY opened at $57.38 on Wednesday. The firm has a market cap of $11.10 billion, a P/E ratio of 212.53, a P/E/G ratio of 0.41 and a beta of 0.89. Incyte Co. has a 12-month low of $50.35 and a 12-month high of $83.95. The business has a fifty day simple moving average of $64.35 and a 200 day simple moving average of $69.17. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (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%. Analysts predict that Incyte Co. will post 4.86 earnings per share for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Sheila A. Denton sold 14,069 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total value of $1,042,090.83. Following the transaction, the executive vice president now directly owns 25,848 shares of the company's stock, valued at approximately $1,914,561.36. The trade was a 35.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the transaction, the executive vice president now owns 33,567 shares in the company, valued at $2,272,150.23. The trade was a 37.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,475 shares of company stock worth $2,424,751. 17.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on INCY. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Incyte in a report on Friday, January 10th. Morgan Stanley cut their target price on Incyte from $69.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, March 24th. Truist Financial decreased their price target on Incyte from $74.00 to $72.00 and set a "hold" rating on the stock in a research note on Tuesday, March 18th. JPMorgan Chase & Co. dropped their price objective on Incyte from $70.00 to $68.00 and set a "neutral" rating for the company in a research report on Monday. Finally, Guggenheim cut Incyte from a "buy" rating to a "neutral" rating and set a $92.00 target price on the stock. in a research report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Incyte currently has a consensus rating of "Hold" and a consensus price target of $74.69.

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.

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