Franklin Resources Inc. Has $13.20 Million Holdings in Incyte Co. (NASDAQ:INCY)

Franklin Resources Inc. trimmed its stake in shares of Incyte Co. (NASDAQ:INCY) by 19.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 201,718 shares of the biopharmaceutical company’s stock after selling 50,188 shares during the period. Franklin Resources Inc. owned approximately 0.10% of Incyte worth $13,200,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Brooklyn Investment Group acquired a new position in Incyte during the 3rd quarter worth $30,000. Innealta Capital LLC bought a new stake in shares of Incyte during the second quarter worth $32,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte during the third quarter valued at $33,000. Itau Unibanco Holding S.A. bought a new position in Incyte in the second quarter valued at about $36,000. Finally, Deseret Mutual Benefit Administrators increased its position in Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 164 shares during the period. 96.97% of the stock is owned by institutional investors.

Incyte Stock Performance

Shares of INCY opened at $68.84 on Friday. The firm has a market cap of $13.26 billion, a P/E ratio of 491.75, a PEG ratio of 8.36 and a beta of 0.69. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. The firm’s 50 day moving average price is $72.42 and its two-hundred day moving average price is $66.56.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company’s revenue was up 23.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 earnings per share. On average, analysts forecast that Incyte Co. will post 0.4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on INCY shares. Citigroup upped their target price on shares of Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. BMO Capital Markets reaffirmed an “underperform” rating and issued a $52.00 price objective (up from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. Oppenheimer lifted their target price on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 13th. Finally, Royal Bank of Canada lifted their price objective on Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $76.29.

Insider Activity

In other Incyte news, insider Thomas Tray sold 650 shares of Incyte stock in a transaction on Monday, December 16th. The shares were sold at an average price of $69.31, for a total value of $45,051.50. Following the sale, the insider now directly owns 23,312 shares in the company, valued at approximately $1,615,754.72. The trade was a 2.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Barry P. Flannelly sold 3,680 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the sale, the executive vice president now directly owns 58,042 shares in the company, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,023 shares of company stock worth $839,711 over the last three months. Corporate insiders own 17.60% of the company’s stock.

About Incyte

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.