Allspring Global Investments Holdings LLC Increases Holdings in Incyte Corporation $INCY

Allspring Global Investments Holdings LLC grew its holdings in Incyte Corporation (NASDAQ:INCY) by 1,000.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 124,003 shares of the biopharmaceutical company’s stock after acquiring an additional 112,736 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Incyte were worth $12,576,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Harbor Capital Advisors Inc. bought a new position in shares of Incyte during the third quarter valued at approximately $26,000. Root Financial Partners LLC bought a new stake in Incyte in the third quarter valued at $28,000. Quent Capital LLC bought a new stake in Incyte in the third quarter valued at $30,000. MUFG Securities EMEA plc purchased a new position in Incyte during the 2nd quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC purchased a new position in Incyte during the 2nd quarter valued at $33,000. 96.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Mohamed Khairie Issa sold 10,856 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction 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. This trade represents a 14.10% 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, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $94.24, for a total value of $1,759,178.08. Following the completion of the transaction, the insider directly owned 234,800 shares of the company’s stock, valued at approximately $22,127,552. This represents a 7.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

INCY has been the subject of several research analyst reports. TD Cowen reaffirmed a “buy” rating on shares of Incyte in a research report on Tuesday, January 13th. Wells Fargo & Company reduced their price target on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 11th. Truist Financial set a $103.00 price target on shares of Incyte in a research note on Wednesday, December 24th. Morgan Stanley set a $102.00 price objective on shares of Incyte in a report on Wednesday, February 11th. Finally, Royal Bank Of Canada cut their price objective on Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. Ten analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $104.89.

Incyte Stock Performance

NASDAQ:INCY opened at $95.93 on Friday. The firm has a market capitalization of $19.09 billion, a P/E ratio of 14.97, a PEG ratio of 0.76 and a beta of 0.85. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. Incyte Corporation has a one year low of $53.56 and a one year high of $112.29. The company’s 50-day simple moving average is $97.99 and its 200 day simple moving average is $97.35.

Incyte (NASDAQ:INCY) last released its earnings results 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). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the previous year, the business posted $1.43 earnings per share. Incyte’s revenue for the quarter was up 27.8% on a year-over-year basis. As a group, analysts forecast that Incyte Corporation will post 4.86 EPS for the current fiscal year.

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.