Inspire Investing LLC Trims Holdings in Incyte Co. (NASDAQ:INCY)

Inspire Investing LLC lowered its position in shares of Incyte Co. (NASDAQ:INCY) by 24.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,113 shares of the biopharmaceutical company’s stock after selling 7,991 shares during the quarter. Inspire Investing LLC’s holdings in Incyte were worth $1,522,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in INCY. Norges Bank bought a new stake in shares of Incyte during the 4th quarter valued at $123,253,000. KBC Group NV raised its holdings in Incyte by 842.2% during the fourth quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock valued at $60,011,000 after acquiring an additional 854,311 shares during the period. Acadian Asset Management LLC lifted its position in shares of Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after acquiring an additional 779,243 shares in the last quarter. Swedbank AB purchased a new position in shares of Incyte in the first quarter valued at about $37,440,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Incyte by 122.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after acquiring an additional 490,680 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Trading Up 2.5 %

Shares of NASDAQ INCY opened at $66.82 on Friday. The stock has a market capitalization of $15.00 billion, a P/E ratio of 20.25, a PEG ratio of 5.03 and a beta of 0.73. Incyte Co. has a 1-year low of $50.27 and a 1-year high of $70.36. The business’s 50 day moving average is $64.32 and its two-hundred day moving average is $59.75. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of $0.78 by ($2.60). The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 EPS. As a group, research analysts expect that Incyte Co. will post 0.67 EPS for the current year.

Wall Street Analyst Weigh In

INCY has been the topic of several recent analyst reports. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Monday. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday. Guggenheim boosted their target price on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday. Bank of America raised their target price on shares of Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $73.24.

Insider Buying and Selling at Incyte

In other news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Barry P. Flannelly sold 1,306 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total value of $83,832.14. Following the sale, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $3,725,715.98. The disclosure for this sale can be found here. Insiders have sold 34,047 shares of company stock worth $2,225,626 over the last quarter. Insiders own 17.50% 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.