Incyte Co. (NASDAQ:INCY) Stake Lowered by Sector Gamma AS

Sector Gamma AS reduced its stake in shares of Incyte Co. (NASDAQ:INCY) by 23.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 197,400 shares of the biopharmaceutical company’s stock after selling 61,600 shares during the period. Incyte accounts for 4.7% of Sector Gamma AS’s investment portfolio, making the stock its 8th biggest holding. Sector Gamma AS owned 0.10% of Incyte worth $13,634,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Point72 Asset Management L.P. purchased a new position in shares of Incyte during the 3rd quarter valued at $156,611,000. Charles Schwab Investment Management Inc. boosted its holdings in Incyte by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company’s stock worth $113,487,000 after purchasing an additional 33,847 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Incyte by 7.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,127,515 shares of the biopharmaceutical company’s stock worth $77,877,000 after purchasing an additional 78,827 shares in the last quarter. Candriam S.C.A. boosted its holdings in Incyte by 27.8% in the fourth quarter. Candriam S.C.A. now owns 1,034,652 shares of the biopharmaceutical company’s stock worth $71,463,000 after purchasing an additional 224,919 shares in the last quarter. Finally, Barclays PLC boosted its holdings in Incyte by 8.1% in the third quarter. Barclays PLC now owns 1,031,932 shares of the biopharmaceutical company’s stock worth $68,208,000 after purchasing an additional 77,542 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the sale, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at $4,867,831.23. This represents a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sheila A. Denton sold 14,069 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the transaction, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,914,561.36. The trade was a 35.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,827 shares of company stock valued at $3,322,618 over the last three months. 17.60% of the stock is owned by insiders.

Incyte Stock Performance

NASDAQ:INCY opened at $60.58 on Friday. The firm has a market capitalization of $11.72 billion, a PE ratio of 224.38, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The firm has a 50-day moving average price of $70.78 and a 200 day moving average price of $70.13. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. Incyte Co. has a 12-month low of $50.35 and a 12-month high of $83.95.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Research analysts anticipate that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on INCY. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Friday, January 10th. Truist Financial decreased their price target on shares of Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a report on Tuesday. Citigroup decreased their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. Wells Fargo & Company upped their price target on shares of Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Finally, Guggenheim cut shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price target for the company. in a report on Tuesday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Incyte presently has an average rating of “Hold” and a consensus target price of $75.13.

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.