Wells Fargo & Company MN Acquires 66,220 Shares of Incyte Co. (NASDAQ:INCY)

Wells Fargo & Company MN boosted its holdings in Incyte Co. (NASDAQ:INCY - Free Report) by 61.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 174,190 shares of the biopharmaceutical company's stock after buying an additional 66,220 shares during the quarter. Wells Fargo & Company MN owned approximately 0.09% of Incyte worth $12,031,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Prudential PLC acquired a new stake in shares of Incyte in the 4th quarter valued at approximately $206,000. PAX Financial Group LLC boosted its position in Incyte by 4.6% in the fourth quarter. PAX Financial Group LLC now owns 13,701 shares of the biopharmaceutical company's stock valued at $946,000 after buying an additional 602 shares in the last quarter. Cinctive Capital Management LP bought a new stake in shares of Incyte during the fourth quarter worth $5,557,000. Bryce Point Capital LLC acquired a new position in shares of Incyte during the fourth quarter worth $510,000. Finally, Huntington National Bank lifted its stake in shares of Incyte by 40.7% in the 4th quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company's stock valued at $65,000 after acquiring an additional 270 shares during the last quarter. Institutional investors own 96.97% of the company's stock.

Incyte Stock Up 0.8 %

Incyte stock traded up $0.48 during mid-day trading on Friday, reaching $58.21. The stock had a trading volume of 1,172,156 shares, compared to its average volume of 2,377,197. The firm has a market capitalization of $11.27 billion, a PE ratio of 215.60, a price-to-earnings-growth ratio of 0.41 and a beta of 0.89. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The stock's 50-day simple moving average is $64.84 and its 200-day simple moving average is $69.33. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. On average, sell-side analysts forecast that Incyte Co. will post 4.86 EPS for the current fiscal year.

Insider Activity

In related news, EVP Sheila A. Denton sold 14,069 shares of Incyte 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 of the company's stock, valued at $1,914,561.36. The trade was a 35.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Steven H. Stein sold 12,352 shares of the company's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the sale, the executive vice president now owns 66,967 shares of the company's stock, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,827 shares of company stock worth $3,322,618 over the last three months. 17.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of recent research reports. Stifel Nicolaus upped their target price on Incyte from $75.00 to $77.00 and gave the stock a "hold" rating in a report on Monday, February 10th. William Blair downgraded shares of Incyte from an "outperform" rating to a "market perform" rating in a research report on Tuesday, March 18th. Citigroup reduced their target price on shares of Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a report on Tuesday, February 11th. Morgan Stanley dropped their price target on shares of Incyte from $69.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, March 24th. Finally, Guggenheim cut shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price objective on the stock. in a research note on Tuesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $74.88.

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.