JPMorgan Chase & Co. Reduces Holdings in Incyte Co. (NASDAQ:INCY)

JPMorgan Chase & Co. trimmed its position in Incyte Co. (NASDAQ:INCY - Free Report) by 42.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 285,090 shares of the biopharmaceutical company's stock after selling 209,133 shares during the period. JPMorgan Chase & Co. owned approximately 0.15% of Incyte worth $18,845,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Tri Ri Asset Management Corp acquired a new stake in shares of Incyte in the 3rd quarter worth $3,292,000. Toronto Dominion Bank boosted its holdings in Incyte by 16.9% in the third quarter. Toronto Dominion Bank now owns 54,084 shares of the biopharmaceutical company's stock worth $3,575,000 after acquiring an additional 7,812 shares in the last quarter. Coldstream Capital Management Inc. purchased a new stake in shares of Incyte during the third quarter worth about $302,000. Barclays PLC grew its stake in shares of Incyte by 8.1% during the third quarter. Barclays PLC now owns 1,031,932 shares of the biopharmaceutical company's stock worth $68,208,000 after acquiring an additional 77,542 shares during the last quarter. Finally, Groupama Asset Managment increased its holdings in shares of Incyte by 11.4% during the third quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company's stock valued at $39,000 after acquiring an additional 6,105 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

INCY traded down $2.59 during midday trading on Friday, hitting $70.54. 2,045,962 shares of the company traded hands, compared to its average volume of 1,646,444. The business has a 50 day simple moving average of $73.13 and a two-hundred day simple moving average of $67.55. Incyte Co. has a 52-week low of $50.35 and a 52-week high of $83.95. The company has a market capitalization of $13.59 billion, a price-to-earnings ratio of 503.89, a PEG ratio of 7.90 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 EPS for the quarter, missing analysts' consensus estimates of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the company earned $0.91 EPS. Incyte's revenue was up 23.8% compared to the same quarter last year. On average, equities analysts forecast that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. BMO Capital Markets reiterated an "underperform" rating and issued a $52.00 target price (up from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. Citigroup boosted their price objective on shares of Incyte from $92.00 to $97.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Oppenheimer upped their target price on Incyte from $81.00 to $82.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price target on Incyte from $63.00 to $70.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley increased their price objective on Incyte from $64.00 to $69.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. One research 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's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $76.29.

Insiders Place Their Bets

In other news, EVP Barry P. Flannelly sold 3,680 shares of the business's 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 $4,624,786.56. The trade was a 5.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, 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 shares were 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 directly owns 30,658 shares of the company's stock, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,023 shares of company stock valued at $839,711 in the last 90 days. 17.60% of the stock is owned by insiders.

Incyte Company 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.