Allspring Global Investments Holdings LLC Buys 112,736 Shares of Incyte Corporation $INCY

Allspring Global Investments Holdings LLC grew its stake in shares of Incyte Corporation (NASDAQ:INCY) by 1,000.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 124,003 shares of the biopharmaceutical company’s stock after buying an additional 112,736 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of Incyte worth $12,576,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new stake in Incyte during the 3rd quarter worth approximately $26,000. Root Financial Partners LLC bought a new position in Incyte in the 3rd quarter valued at $28,000. Quent Capital LLC purchased a new position in shares of Incyte during the 3rd quarter valued at $30,000. MUFG Securities EMEA plc purchased a new position in shares of Incyte during the 2nd quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC bought a new position in shares of Incyte in the second quarter worth $33,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Barclays reiterated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday. Truist Financial set a $103.00 price target on Incyte in a report on Wednesday, December 24th. Morgan Stanley set a $102.00 price target on Incyte in a research report on Wednesday, February 11th. Finally, Mizuho set a $121.00 price objective on Incyte and gave the stock an “outperform” rating in a report on Monday, December 8th. Ten equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $104.89.

Insider Activity

In other news, EVP Mohamed Khairie Issa sold 10,856 shares of Incyte stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the transaction, the executive vice president owned 66,132 shares in the company, valued at approximately $7,213,017.24. The trade was a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total value of $1,759,178.08. Following the sale, the insider directly owned 234,800 shares of the company’s stock, valued at approximately $22,127,552. This trade represents a 7.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.80% of the stock is currently owned by insiders.

Incyte Price Performance

Shares of INCY opened at $95.93 on Friday. 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 current ratio of 3.32 and a quick ratio of 3.25. The stock has a 50 day simple moving average of $97.99 and a two-hundred day simple moving average of $97.35. The firm has a market cap of $19.09 billion, a P/E ratio of 14.97, a P/E/G ratio of 0.76 and a beta of 0.85.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.96 by ($0.16). The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.The company’s revenue was up 27.8% compared to the same quarter last year. During the same period last year, the business posted $1.43 earnings per share. On average, analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Incyte Company 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.