Legal & General Group Plc Sells 584,464 Shares of Incyte Co. (NASDAQ:INCY)

Legal & General Group Plc trimmed its position in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 33.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,157,563 shares of the biopharmaceutical company's stock after selling 584,464 shares during the period. Legal & General Group Plc owned approximately 0.60% of Incyte worth $79,953,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Incyte during the fourth quarter valued at $121,890,000. Sound Shore Management Inc. CT increased its holdings in Incyte by 98.4% during the 4th quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company's stock valued at $82,959,000 after purchasing an additional 595,741 shares in the last quarter. Pictet Asset Management Holding SA raised its position in Incyte by 73.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock valued at $90,749,000 after purchasing an additional 556,218 shares during the last quarter. Long Corridor Asset Management Ltd acquired a new position in Incyte in the fourth quarter worth $22,793,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Incyte during the 4th quarter worth about $18,563,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Down 1.3 %

NASDAQ INCY traded down $0.76 during trading on Tuesday, hitting $58.46. The stock had a trading volume of 1,479,702 shares, compared to its average volume of 2,376,423. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The company's 50-day moving average price is $65.87 and its two-hundred day moving average price is $69.58. The company has a market capitalization of $11.31 billion, a PE ratio of 216.53, a P/E/G ratio of 0.41 and a beta of 0.89.

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Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 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%. As a group, sell-side analysts forecast that Incyte Co. will post 4.86 EPS for the current year.

Wall Street Analyst Weigh In

INCY has been the topic of a number of research reports. Stifel Nicolaus upped their target price on shares of Incyte from $75.00 to $77.00 and gave the stock a "hold" rating in a research report on Monday, February 10th. William Blair cut Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. UBS Group initiated coverage on Incyte in a research note on Tuesday, December 17th. They set a "neutral" rating and a $77.00 price target on the stock. Citigroup cut their target price on shares of Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a research report on Tuesday, February 11th. Finally, JMP Securities restated a "market perform" rating on shares of Incyte in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Incyte has a consensus rating of "Hold" and an average price target of $74.88.

Insider Buying and Selling

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the transaction, the executive vice president now owns 33,567 shares of the company's stock, valued at $2,272,150.23. The trade was a 37.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sheila A. Denton sold 14,069 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the transaction, the executive vice president now owns 25,848 shares in the company, valued at approximately $1,914,561.36. The trade was a 35.25 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,827 shares of company stock worth $3,322,618. 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.