Allspring Global Investments Holdings LLC Trims Stock Position in Incyte Corporation (NASDAQ:INCY)

Allspring Global Investments Holdings LLC decreased its position in Incyte Corporation (NASDAQ:INCY) by 74.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,233 shares of the biopharmaceutical company’s stock after selling 135,764 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Incyte were worth $2,877,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in Incyte by 10.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company’s stock worth $1,577,000 after purchasing an additional 2,559 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Incyte by 10.3% during the first quarter. Robeco Institutional Asset Management B.V. now owns 1,391,107 shares of the biopharmaceutical company’s stock valued at $84,232,000 after purchasing an additional 130,320 shares in the last quarter. Chevy Chase Trust Holdings LLC increased its stake in shares of Incyte by 0.4% during the first quarter. Chevy Chase Trust Holdings LLC now owns 84,241 shares of the biopharmaceutical company’s stock valued at $5,101,000 after purchasing an additional 334 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Incyte by 0.8% during the first quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company’s stock valued at $5,451,000 after acquiring an additional 747 shares in the last quarter. Finally, Continuum Advisory LLC increased its holdings in shares of Incyte by 11,127.5% during the first quarter. Continuum Advisory LLC now owns 62,088 shares of the biopharmaceutical company’s stock valued at $3,759,000 after acquiring an additional 61,535 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Trading Up 0.4%

Incyte stock opened at $68.46 on Monday. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $83.95. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01. The company has a market cap of $13.25 billion, a P/E ratio of 213.94, a P/E/G ratio of 0.58 and a beta of 0.68. The business has a 50-day simple moving average of $65.52 and a two-hundred day simple moving average of $66.66.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $996.17 million. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The company’s revenue for the quarter was up 19.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 EPS. Analysts predict that Incyte Corporation will post 4.86 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on INCY shares. William Blair cut shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 18th. Citigroup reiterated a “buy” rating on shares of Incyte in a research note on Tuesday, June 3rd. JPMorgan Chase & Co. reduced their price target on shares of Incyte from $70.00 to $68.00 and set a “neutral” rating for the company in a research report on Monday, April 21st. Wells Fargo & Company raised their price target on shares of Incyte from $58.00 to $59.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 30th. Finally, Stifel Nicolaus raised Incyte from a “hold” rating to a “buy” rating and lifted their target price for the stock from $75.00 to $107.00 in a report on Monday, June 16th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average price target of $74.53.

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.