Incyte Co. (NASDAQ:INCY) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its position in Incyte Co. (NASDAQ:INCY) by 10.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 220,750 shares of the biopharmaceutical company’s stock after selling 27,138 shares during the quarter. Principal Financial Group Inc. owned approximately 0.11% of Incyte worth $14,592,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of INCY. ProShare Advisors LLC boosted its stake in shares of Incyte by 14.4% in the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock valued at $3,594,000 after buying an additional 7,925 shares during the period. Kennedy Capital Management LLC purchased a new position in shares of Incyte in the 1st quarter valued at about $463,000. Magnetar Financial LLC purchased a new position in shares of Incyte in the 1st quarter valued at about $1,817,000. Greenwood Capital Associates LLC purchased a new position in shares of Incyte in the 3rd quarter valued at about $433,000. Finally, Andra AP fonden boosted its stake in shares of Incyte by 35.2% in the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after buying an additional 64,500 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Price Performance

Incyte stock opened at $75.87 on Friday. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The business has a 50 day simple moving average of $68.70 and a 200-day simple moving average of $63.58. The stock has a market capitalization of $14.62 billion, a PE ratio of 546.25, a price-to-earnings-growth ratio of 9.28 and a beta of 0.71.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on INCY. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. Morgan Stanley boosted their target price on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Citigroup boosted their target price on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research note 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 research note on Wednesday, October 30th. Finally, Guggenheim boosted their target price on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Incyte has a consensus rating of “Hold” and a consensus price target of $77.16.

Insider Activity

In related news, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction on 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 owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the 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 sale, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. The trade was a 18.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,702 shares of company stock worth $856,166 over the last 90 days. 17.60% of the stock is currently owned by corporate insiders.

Incyte Company 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.