Franklin Resources Inc. Has $13.20 Million Stock Position in Incyte Co. (NASDAQ:INCY)

Franklin Resources Inc. cut its stake in Incyte Co. (NASDAQ:INCY - Free Report) by 19.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 201,718 shares of the biopharmaceutical company's stock after selling 50,188 shares during the quarter. Franklin Resources Inc. owned 0.10% of Incyte worth $13,200,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Haverford Trust Co grew its stake in Incyte by 1.8% in the third quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company's stock valued at $515,000 after acquiring an additional 135 shares during the period. V Square Quantitative Management LLC increased its stake in Incyte by 4.1% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company's stock worth $262,000 after purchasing an additional 155 shares in the last quarter. Deseret Mutual Benefit Administrators increased its stake in Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company's stock worth $37,000 after purchasing an additional 164 shares in the last quarter. Ballentine Partners LLC lifted its stake in Incyte by 4.0% in the second quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company's stock valued at $287,000 after buying an additional 182 shares in the last quarter. Finally, Tectonic Advisors LLC boosted its holdings in shares of Incyte by 1.6% in the third quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company's stock valued at $819,000 after buying an additional 190 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Performance

Shares of NASDAQ INCY traded up $1.78 during midday trading on Friday, hitting $68.84. 6,766,739 shares of the company's stock were exchanged, compared to its average volume of 2,352,675. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The company's 50 day moving average price is $72.42 and its 200 day moving average price is $66.56. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $13.26 billion, a PE ratio of 491.75, a price-to-earnings-growth ratio of 8.36 and a beta of 0.69.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. Incyte's revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 earnings per share. As a group, analysts predict that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on INCY. Oppenheimer raised their price objective on shares of Incyte from $81.00 to $82.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. Royal Bank of Canada increased their price objective on Incyte from $72.00 to $80.00 and gave the stock a "sector perform" rating in a report on Thursday, November 14th. Citigroup boosted their target price on Incyte from $92.00 to $97.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Incyte in a research note on Tuesday, November 19th. Finally, BMO Capital Markets reissued an "underperform" rating and issued a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $76.29.

Insider Activity at Incyte

In other news, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the sale, the executive vice president now owns 58,042 shares of the company's stock, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Vijay K. Iyengar sold 6,043 shares of the company's stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the transaction, the executive vice president now owns 30,658 shares in the company, valued at $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,023 shares of company stock worth $839,711. 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.