Royal London Asset Management Ltd. Decreases Stock Position in Incyte Co. (NASDAQ:INCY)

Royal London Asset Management Ltd. cut its stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 4.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 174,689 shares of the biopharmaceutical company's stock after selling 8,163 shares during the quarter. Royal London Asset Management Ltd. owned about 0.09% of Incyte worth $11,547,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in INCY. Point72 DIFC Ltd purchased a new stake in Incyte during the third quarter worth about $3,300,000. Point72 Asset Management L.P. acquired a new stake in shares of Incyte during the 3rd quarter valued at approximately $156,611,000. Investment Management Corp of Ontario boosted its stake in shares of Incyte by 4.7% during the 3rd quarter. Investment Management Corp of Ontario now owns 26,880 shares of the biopharmaceutical company's stock worth $1,777,000 after acquiring an additional 1,200 shares in the last quarter. Itau Unibanco Holding S.A. boosted its stake in shares of Incyte by 63.4% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 974 shares of the biopharmaceutical company's stock worth $64,000 after acquiring an additional 378 shares in the last quarter. Finally, Concentric Capital Strategies LP purchased a new position in Incyte in the 3rd quarter valued at approximately $4,585,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insiders Place Their Bets

In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 directly owns 58,042 shares in the company, valued at $4,624,786.56. The trade was a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. This represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,745 shares of company stock worth $1,311,687 over the last three months. 17.60% of the stock is owned by insiders.

Incyte Trading Up 1.3 %

Shares of INCY traded up $1.00 during mid-day trading on Friday, hitting $75.92. The company had a trading volume of 1,321,695 shares, compared to its average volume of 2,419,518. Incyte Co. has a 1-year low of $50.35 and a 1-year high of $83.95. 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 business's 50-day simple moving average is $71.74 and its 200-day simple moving average is $65.76. The stock has a market cap of $14.63 billion, a PE ratio of 542.32, a P/E/G ratio of 8.60 and a beta of 0.69.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (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 net margin of 0.80% and a negative return on equity of 0.63%. The firm's quarterly revenue was up 23.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. Sell-side analysts forecast that Incyte Co. will post 0.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on INCY. JPMorgan Chase & Co. boosted their target price on Incyte from $65.00 to $71.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Oppenheimer increased their price objective on shares of Incyte from $81.00 to $82.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Truist Financial restated a "hold" rating and set a $74.00 target price (down from $83.00) on shares of Incyte in a report on Wednesday, September 18th. Royal Bank of Canada upped their price target on shares of Incyte from $72.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, November 14th. Finally, StockNews.com raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Thursday, November 28th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Incyte presently has a consensus rating of "Hold" and a consensus price target of $77.16.

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.