Citigroup Inc. Trims Stock Position in Incyte Co. (NASDAQ:INCY)

Citigroup Inc. decreased its position in Incyte Co. (NASDAQ:INCY) by 42.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 166,550 shares of the biopharmaceutical company’s stock after selling 124,635 shares during the period. Citigroup Inc. owned 0.09% of Incyte worth $11,009,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Incyte by 29.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,609,220 shares of the biopharmaceutical company’s stock worth $106,369,000 after buying an additional 364,169 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in shares of Incyte in the third quarter valued at about $4,739,000. Cypress Capital Group purchased a new stake in Incyte in the third quarter worth about $971,000. Grandfield & Dodd LLC grew its holdings in Incyte by 3.2% during the 3rd quarter. Grandfield & Dodd LLC now owns 19,525 shares of the biopharmaceutical company’s stock worth $1,291,000 after acquiring an additional 610 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in Incyte by 2.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 15,244 shares of the biopharmaceutical company’s stock valued at $1,008,000 after purchasing an additional 386 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $75.45 on Friday. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The company has a market cap of $14.54 billion, a PE ratio of 538.93, a price-to-earnings-growth ratio of 8.48 and a beta of 0.71. The company’s 50 day moving average is $70.58 and its 200 day moving average is $64.99.

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

Insider Buying and Selling at Incyte

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,702 shares of company stock worth $856,166. Insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INCY. Morgan Stanley upped their price target on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. BMO Capital Markets restated an “underperform” rating and set a $52.00 target price (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. Royal Bank of Canada lifted their price target on Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, November 14th. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. Finally, Truist Financial reiterated a “hold” rating and issued a $74.00 target price (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and a consensus target price of $77.16.

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.