PNC Financial Services Group Inc. Sells 3,333 Shares of Incyte Co. (NASDAQ:INCY)

PNC Financial Services Group Inc. trimmed its position in shares of Incyte Co. (NASDAQ:INCY) by 14.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,954 shares of the biopharmaceutical company’s stock after selling 3,333 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Incyte were worth $1,253,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Incyte by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 22,519,381 shares of the biopharmaceutical company’s stock valued at $1,413,992,000 after acquiring an additional 359,962 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Incyte by 119.6% during the 4th quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock valued at $169,020,000 after purchasing an additional 1,465,792 shares during the last quarter. Northern Trust Corp boosted its position in shares of Incyte by 5.9% in the 3rd quarter. Northern Trust Corp now owns 2,127,688 shares of the biopharmaceutical company’s stock worth $122,917,000 after purchasing an additional 119,389 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Incyte by 17.7% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,085,465 shares of the biopharmaceutical company’s stock worth $120,477,000 after buying an additional 313,731 shares during the last quarter. Finally, Norges Bank acquired a new position in Incyte during the 4th quarter valued at about $123,253,000. 96.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

INCY has been the topic of a number of research analyst reports. TD Cowen dropped their price target on Incyte from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Tuesday, June 18th. Oppenheimer lowered their price objective on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday, April 24th. Truist Financial reissued a “buy” rating and issued a $83.00 target price (down from $84.00) on shares of Incyte in a research report on Wednesday, May 1st. Finally, Bank of America reduced their target price on Incyte from $69.00 to $67.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $73.69.

Insider Buying and Selling

In other Incyte news, EVP Barry P. Flannelly sold 19,164 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total value of $1,149,840.00. Following the sale, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at $3,982,620. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Incyte news, EVP Barry P. Flannelly sold 19,164 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the transaction, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at $3,982,620. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Thomas Tray sold 1,093 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $58.91, for a total transaction of $64,388.63. Following the sale, the insider now directly owns 21,634 shares of the company’s stock, valued at approximately $1,274,458.94. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by insiders.

Incyte Stock Performance

INCY opened at $63.22 on Friday. The firm has a fifty day moving average price of $56.48 and a 200 day moving average price of $58.56. Incyte Co. has a 1 year low of $50.27 and a 1 year high of $67.36. The stock has a market cap of $14.20 billion, a P/E ratio of 19.16, a P/E/G ratio of 1.34 and a beta of 0.74. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.43.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.31). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The firm had revenue of $880.89 million during the quarter, compared to analyst estimates of $935.85 million. Equities research analysts anticipate that Incyte Co. will post 3.57 earnings per share for the current year.

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.