Geode Capital Management LLC Trims Stock Holdings in Incyte Co. (NASDAQ:INCY)

Geode Capital Management LLC reduced its holdings in shares of Incyte Co. (NASDAQ:INCY) by 2.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,936,176 shares of the biopharmaceutical company’s stock after selling 110,462 shares during the quarter. Geode Capital Management LLC owned about 2.04% of Incyte worth $259,326,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. MFA Wealth Advisors LLC purchased a new stake in shares of Incyte during the second quarter worth $26,000. Brooklyn Investment Group purchased a new position in shares of Incyte in the third quarter valued at $30,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Incyte during the 3rd quarter valued at $33,000. Innealta Capital LLC purchased a new stake in Incyte during the 2nd quarter worth about $32,000. Finally, Cromwell Holdings LLC boosted its stake in Incyte by 101.1% in the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 283 shares during the period. 96.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Incyte news, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 30,658 shares of the company’s stock, valued at $2,311,000.04. This trade represents a 16.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were 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 of the company’s stock, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

INCY has been the topic of a number of recent analyst reports. William Blair reissued an “outperform” rating on shares of Incyte in a report on Friday. Morgan Stanley increased their target price on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Friday. Royal Bank of Canada upped their price target on shares of Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. lifted their price objective on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $76.13.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $68.55 on Friday. 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 stock has a market cap of $13.21 billion, a PE ratio of 489.64, a PEG ratio of 8.36 and a beta of 0.69. The company’s fifty day moving average is $72.14 and its 200 day moving average is $66.24. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm’s quarterly revenue was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.91 EPS. Research analysts anticipate that Incyte Co. will post 0.4 earnings per share for the current year.

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.