Fmr LLC Decreases Stake in Incyte Co. (NASDAQ:INCY)

FMR LLC cut its holdings in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 26.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,320,469 shares of the biopharmaceutical company's stock after selling 466,939 shares during the quarter. FMR LLC owned about 0.69% of Incyte worth $87,283,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Pacer Advisors Inc. increased its position in shares of Incyte by 17,460.4% during the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company's stock valued at $163,200,000 after acquiring an additional 2,676,851 shares during the last quarter. Mizuho Securities USA LLC lifted its holdings in Incyte by 13,814.7% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company's stock worth $132,207,000 after buying an additional 1,985,726 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Incyte by 70.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company's stock worth $159,905,000 after acquiring an additional 1,101,041 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Incyte by 28.0% in the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company's stock valued at $215,833,000 after acquiring an additional 779,243 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Incyte by 122.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company's stock worth $54,116,000 after acquiring an additional 490,680 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Price Performance

Shares of INCY traded up $1.00 during mid-day trading on Friday, hitting $75.92. The company's stock had a trading volume of 1,321,695 shares, compared to its average volume of 2,349,618. The firm has a 50-day simple moving average of $71.53 and a 200 day simple moving average of $65.57. Incyte Co. has a 1-year low of $50.35 and a 1-year high of $83.95. The firm has a market capitalization of $14.63 billion, a P/E ratio of 541.75, a P/E/G ratio of 8.30 and a beta of 0.69. 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 issued its earnings results 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 for the quarter, compared to analysts' expectations of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. Incyte's revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 earnings per share. Analysts predict that Incyte Co. will post 0.4 EPS for the current fiscal year.

Analyst Ratings Changes

INCY has been the topic of a number of research analyst reports. BMO Capital Markets reissued an "underperform" rating and set a $52.00 price objective (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. JMP Securities reissued a "market perform" rating on shares of Incyte in a research report on Tuesday, September 17th. JPMorgan Chase & Co. raised their price objective on Incyte from $65.00 to $71.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Cantor Fitzgerald reissued a "neutral" rating on shares of Incyte in a research report on Tuesday, November 19th. Finally, Oppenheimer raised their price target on Incyte from $81.00 to $82.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Incyte currently has an average rating of "Hold" and an average price target of $77.16.

Insider Transactions at Incyte

In related news, insider Thomas Tray sold 572 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now owns 24,825 shares of the company's stock, valued at approximately $1,562,485.50. This represents a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction that occurred 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 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 position. The disclosure for this sale can be found here. Insiders have sold 18,745 shares of company stock valued at $1,311,687 in the last quarter. 17.60% of the stock is currently owned by corporate insiders.

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.