GRIMES & Co WEALTH MANAGEMENT LLC Decreases Stock Holdings in Incyte Corporation $INCY

GRIMES & Co WEALTH MANAGEMENT LLC lowered its position in shares of Incyte Corporation (NASDAQ:INCY) by 9.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 163,132 shares of the biopharmaceutical company’s stock after selling 16,883 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Incyte were worth $13,835,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of INCY. Quent Capital LLC purchased a new stake in shares of Incyte during the third quarter worth about $30,000. Nordea Investment Management AB raised its position in Incyte by 116.7% during the 3rd quarter. Nordea Investment Management AB now owns 30,930 shares of the biopharmaceutical company’s stock valued at $2,597,000 after purchasing an additional 16,654 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Incyte by 2.4% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 8,230 shares of the biopharmaceutical company’s stock worth $698,000 after buying an additional 189 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Incyte by 1.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 456,736 shares of the biopharmaceutical company’s stock worth $38,736,000 after buying an additional 6,265 shares during the period. Finally, Atlantic Edge Private Wealth Management LLC grew its position in shares of Incyte by 0.9% in the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after buying an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Mizuho set a $121.00 target price on Incyte and gave the company an “outperform” rating in a report on Monday, December 8th. JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $73.00 to $89.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Truist Financial set a $103.00 price objective on shares of Incyte in a report on Wednesday, December 24th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company boosted their price target on shares of Incyte from $97.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, December 8th. Eight equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $99.53.

Insider Activity at Incyte

In other news, insider Thomas Tray sold 2,774 shares of the firm’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the completion of the transaction, the insider directly owned 22,973 shares in the company, valued at $2,297,300. This trade represents a 10.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael James Morrissey sold 54,008 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the completion of the transaction, the executive vice president owned 31,830 shares in the company, valued at approximately $3,096,740.70. The trade was a 62.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 99,174 shares of company stock worth $9,892,957 over the last quarter. 17.80% of the stock is currently owned by company insiders.

Incyte Stock Down 0.5%

NASDAQ:INCY opened at $106.33 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. The firm’s 50-day moving average price is $102.20 and its 200-day moving average price is $88.63. The company has a market capitalization of $20.87 billion, a PE ratio of 17.81, a P/E/G ratio of 0.65 and a beta of 0.82. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $112.29.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, topping the consensus estimate of $1.65 by $0.61. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the firm posted $1.07 earnings per share. Incyte’s quarterly revenue was up 20.0% on a year-over-year basis. On average, equities analysts predict that Incyte Corporation will post 4.86 EPS for the current fiscal year.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.