Incyte Corporation $INCY Holdings Decreased by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its holdings in Incyte Corporation (NASDAQ:INCY) by 46.2% in the 3rd quarter, Holdings Channel reports. The fund owned 447,720 shares of the biopharmaceutical company’s stock after selling 384,394 shares during the period. JPMorgan Chase & Co.’s holdings in Incyte were worth $37,974,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. AustralianSuper Pty Ltd acquired a new position in shares of Incyte in the 3rd quarter valued at about $18,085,000. Rakuten Investment Management Inc. purchased a new stake in shares of Incyte in the third quarter worth approximately $14,646,000. LBP AM SA boosted its holdings in shares of Incyte by 33.6% during the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock worth $20,245,000 after purchasing an additional 59,974 shares during the period. Massachusetts Financial Services Co. MA grew its position in Incyte by 38.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company’s stock valued at $32,873,000 after purchasing an additional 108,645 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Incyte by 28.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 106,789 shares of the biopharmaceutical company’s stock valued at $9,309,000 after purchasing an additional 23,954 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Performance

Shares of INCY opened at $90.78 on Friday. The firm has a market cap of $18.07 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 0.72 and a beta of 0.84. The company’s fifty day moving average is $100.41 and its 200-day moving average is $96.84. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $112.29.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16). The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm’s revenue for the quarter was up 27.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.43 EPS. Equities analysts expect that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on INCY. Mizuho set a $121.00 target price on shares of Incyte and gave the stock an “outperform” rating in a research report on Monday, December 8th. Weiss Ratings downgraded shares of Incyte from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. Truist Financial set a $103.00 price objective on Incyte in a report on Wednesday, December 24th. Royal Bank Of Canada reduced their price objective on Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 11th. Finally, Jefferies Financial Group lowered Incyte from a “buy” rating to a “hold” rating and dropped their target price for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $103.44.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the transaction, the insider owned 234,800 shares of the company’s stock, valued at approximately $22,127,552. This represents a 7.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total value of $1,184,063.92. Following the completion of the transaction, the executive vice president directly owned 66,132 shares in the company, valued at $7,213,017.24. The trade was a 14.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 17.80% of the company’s stock.

Incyte Company Profile

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.