State Street Corp Sells 300,240 Shares of Incyte Co. (NASDAQ:INCY)

State Street Corp lessened its holdings in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,551,279 shares of the biopharmaceutical company's stock after selling 300,240 shares during the quarter. State Street Corp owned about 5.48% of Incyte worth $697,440,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Quantinno Capital Management LP raised its holdings in shares of Incyte by 106.5% during the 3rd quarter. Quantinno Capital Management LP now owns 67,968 shares of the biopharmaceutical company's stock valued at $4,493,000 after buying an additional 35,054 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of Incyte during the 3rd quarter valued at about $3,300,000. Point72 Asset Management L.P. purchased a new position in shares of Incyte during the 3rd quarter valued at about $156,611,000. Investment Management Corp of Ontario raised its holdings 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 valued at $1,777,000 after buying an additional 1,200 shares in the last quarter. Finally, Itau Unibanco Holding S.A. raised its holdings 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 valued at $64,000 after buying an additional 378 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Down 5.0 %

Shares of NASDAQ INCY traded down $3.81 during mid-day trading on Monday, hitting $72.11. 1,758,125 shares of the stock traded hands, compared to its average volume of 2,347,125. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The company has a market cap of $13.89 billion, a price-to-earnings ratio of 514.29, a PEG ratio of 8.75 and a beta of 0.69. The stock has a fifty day moving average price of $71.74 and a 200-day moving average price of $65.82.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results 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). 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 the consensus estimate of $1.08 billion. During the same quarter in the prior year, the firm earned $0.91 earnings per share. The company's revenue for the quarter was up 23.8% compared to the same quarter last year. Research analysts anticipate that Incyte Co. will post 0.4 EPS for the current year.

Insider Activity at Incyte

In other Incyte news, insider Thomas Tray sold 572 shares of the business's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company's stock, valued at approximately $1,562,485.50. The trade was a 2.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Vijay K. Iyengar sold 6,043 shares of the business's stock in a transaction 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 directly owns 30,658 shares in the company, valued at $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,745 shares of company stock worth $1,311,687 over the last ninety days. 17.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on INCY shares. Guggenheim lifted their price target on Incyte from $86.00 to $92.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. William Blair reaffirmed an "outperform" rating on shares of Incyte in a research note on Monday, September 9th. Wolfe Research started coverage on Incyte in a research note on Tuesday, October 1st. They issued an "outperform" rating and a $84.00 price target on the stock. Oppenheimer lifted 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. Finally, Bank of America raised Incyte from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $77.16.

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.