Incyte Corporation $INCY Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its stake in shares of Incyte Corporation (NASDAQ:INCY) by 10.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,343 shares of the biopharmaceutical company’s stock after selling 6,126 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Incyte were worth $4,439,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Incyte by 0.7% in the second quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company’s stock valued at $1,371,220,000 after acquiring an additional 137,570 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Incyte by 21.8% during the second quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock worth $558,519,000 after purchasing an additional 1,465,286 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Incyte by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company’s stock valued at $294,899,000 after purchasing an additional 139,740 shares during the last quarter. LSV Asset Management boosted its position in shares of Incyte by 6.2% in the 2nd quarter. LSV Asset Management now owns 3,861,831 shares of the biopharmaceutical company’s stock valued at $262,991,000 after purchasing an additional 223,857 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Incyte by 7.3% in the 2nd quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company’s stock valued at $231,609,000 after purchasing an additional 232,268 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Trading Down 0.5%

Shares of Incyte stock opened at $100.85 on Tuesday. The firm has a market cap of $20.07 billion, a price-to-earnings ratio of 15.73, a price-to-earnings-growth ratio of 0.81 and a beta of 0.82. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $112.29. The company’s 50-day simple moving average is $102.36 and its 200-day simple moving average is $95.34. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01.

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

Insiders Place Their Bets

In other Incyte news, EVP Steven H. Stein sold 20,105 shares of the business’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total transaction of $2,060,963.55. Following the sale, the executive vice president directly owned 63,129 shares in the company, valued at approximately $6,471,353.79. The trade was a 24.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas Tray sold 2,774 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the transaction, the insider directly owned 22,973 shares in the company, valued at approximately $2,297,300. This trade represents a 10.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 95,225 shares of company stock valued at $9,519,745 in the last three months. 17.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on INCY shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Incyte in a research report on Thursday, January 22nd. Morgan Stanley set a $102.00 target price on shares of Incyte in a report on Wednesday, February 11th. Wells Fargo & Company reduced their price target on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 11th. Truist Financial set a $103.00 price objective on shares of Incyte in a research report on Wednesday, December 24th. Finally, Mizuho set a $121.00 target price on shares of Incyte and gave the company an “outperform” rating in a report on Monday, December 8th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $104.00.

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.