Incyte Corporation $INCY Shares Bought by Citigroup Inc.

Citigroup Inc. grew its position in Incyte Corporation (NASDAQ:INCY) by 187.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 560,028 shares of the biopharmaceutical company’s stock after buying an additional 364,946 shares during the quarter. Citigroup Inc. owned 0.29% of Incyte worth $47,496,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its position in Incyte by 0.7% during the second quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company’s stock worth $1,371,220,000 after acquiring an additional 137,570 shares during the last quarter. AQR Capital Management LLC grew its holdings in Incyte by 21.8% during the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock valued at $558,519,000 after buying an additional 1,465,286 shares during the last quarter. Geode Capital Management LLC increased its position in Incyte by 3.3% during the second quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company’s stock worth $294,899,000 after buying an additional 139,740 shares in the last quarter. LSV Asset Management raised its holdings in shares of Incyte by 3.2% in the third quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company’s stock worth $338,061,000 after acquiring an additional 124,266 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Incyte by 7.3% in the second quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company’s stock valued at $231,609,000 after acquiring an additional 232,268 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Price Performance

Incyte stock opened at $101.05 on Wednesday. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $112.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. The firm has a 50 day moving average price of $102.45 and a 200 day moving average price of $95.50. The company has a market cap of $20.11 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 0.80 and a beta of 0.82.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm’s revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.43 EPS. Sell-side analysts predict that Incyte Corporation will post 4.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on INCY shares. Stifel Nicolaus lifted their price objective on Incyte from $119.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Wells Fargo & Company decreased their price target on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 11th. Morgan Stanley set a $102.00 price objective on shares of Incyte in a research report on Wednesday, February 11th. Barclays upped their price objective on shares of Incyte from $116.00 to $117.00 and gave the company an “overweight” rating in a research note on Wednesday, February 18th. Finally, Truist Financial set a $103.00 target price on shares of Incyte in a research note on Wednesday, December 24th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Incyte currently has an average rating of “Hold” and an average target price of $104.00.

Insider Transactions at Incyte

In other news, insider Thomas Tray sold 2,774 shares of Incyte stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $100.00, for a total value of $277,400.00. Following the transaction, the insider directly owned 22,973 shares of the company’s stock, valued at $2,297,300. The trade was a 10.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the sale, the executive vice president directly owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 95,225 shares of company stock valued at $9,519,745. 17.80% of the stock is owned by company insiders.

Incyte Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.