Geode Capital Management LLC Sells 110,462 Shares of Incyte Co. (NASDAQ:INCY)

Geode Capital Management LLC lessened its holdings in Incyte Co. (NASDAQ:INCY - Free Report) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,936,176 shares of the biopharmaceutical company's stock after selling 110,462 shares during the period. Geode Capital Management LLC owned about 2.04% of Incyte worth $259,326,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cetera Advisors LLC purchased a new position in shares of Incyte during the 1st quarter worth $241,000. Sequoia Financial Advisors LLC grew its holdings in Incyte by 6.9% during the second quarter. Sequoia Financial Advisors LLC now owns 4,432 shares of the biopharmaceutical company's stock valued at $269,000 after purchasing an additional 287 shares during the period. Raymond James & Associates increased its position in Incyte by 783.4% in the second quarter. Raymond James & Associates now owns 34,790 shares of the biopharmaceutical company's stock worth $2,109,000 after buying an additional 30,852 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of Incyte by 4.1% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 25,213 shares of the biopharmaceutical company's stock worth $1,528,000 after buying an additional 997 shares during the period. Finally, Continuum Advisory LLC lifted its position in shares of Incyte by 3.2% during the 2nd quarter. Continuum Advisory LLC now owns 54,090 shares of the biopharmaceutical company's stock valued at $3,279,000 after buying an additional 1,662 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Price Performance

Shares of Incyte stock traded down $2.28 during trading hours on Friday, reaching $68.55. The company's stock had a trading volume of 1,769,106 shares, compared to its average volume of 2,337,169. The firm has a 50 day moving average price of $72.14 and a 200-day moving average price of $66.31. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The stock has a market cap of $13.21 billion, a P/E ratio of 489.64, a P/E/G ratio of 8.36 and a beta of 0.69. Incyte Co. has a one year low of $50.35 and a one year high of $83.95.

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

Analyst Upgrades and Downgrades

INCY has been the topic of several recent analyst reports. Bank of America upgraded shares of Incyte from a "neutral" rating to a "buy" rating and raised their price objective for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. Morgan Stanley raised their price target on Incyte from $64.00 to $69.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Truist Financial reiterated a "hold" rating and set a $74.00 target price (down previously from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. StockNews.com cut Incyte from a "strong-buy" rating to a "buy" rating in a report on Friday. Finally, The Goldman Sachs Group boosted their price target on Incyte from $63.00 to $70.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, Incyte presently has a consensus rating of "Hold" and an average target price of $76.13.

Insider Transactions at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the firm'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 completion of the sale, the executive vice president now owns 58,042 shares of the company's stock, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Vijay K. Iyengar sold 6,043 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.60% of the company's stock.

Incyte Profile

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.