Wellington Management Group LLP Raises Stake in Incyte Co. (NASDAQ:INCY)

Wellington Management Group LLP increased its position in shares of Incyte Co. (NASDAQ:INCY) by 48.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 131,649 shares of the biopharmaceutical company’s stock after purchasing an additional 43,160 shares during the period. Wellington Management Group LLP owned 0.06% of Incyte worth $8,266,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. ARK Investment Management LLC grew its position in Incyte by 7.7% in the fourth quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company’s stock worth $33,381,000 after acquiring an additional 37,932 shares during the period. Russell Investments Group Ltd. boosted its stake in Incyte by 29.3% during the fourth quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock worth $60,465,000 after buying an additional 217,979 shares during the period. Great Lakes Advisors LLC acquired a new stake in shares of Incyte during the fourth quarter valued at about $2,033,000. Eventide Asset Management LLC purchased a new stake in shares of Incyte in the 4th quarter valued at approximately $7,629,000. Finally, BNP Paribas Financial Markets boosted its position in shares of Incyte by 9.7% during the 4th quarter. BNP Paribas Financial Markets now owns 304,258 shares of the biopharmaceutical company’s stock worth $19,104,000 after purchasing an additional 26,818 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Down 0.6 %

Shares of NASDAQ:INCY opened at $61.35 on Friday. The company has a market cap of $13.78 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 1.36 and a beta of 0.74. Incyte Co. has a fifty-two week low of $50.27 and a fifty-two week high of $67.36. The firm’s 50-day simple moving average is $57.07 and its 200-day simple moving average is $58.72. The company has a quick ratio of 3.43, a current ratio of 3.47 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.31). The business had revenue of $880.89 million for the quarter, compared to analyst estimates of $935.85 million. Incyte had a return on equity of 12.83% and a net margin of 19.78%. As a group, equities research analysts predict that Incyte Co. will post 3.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. BMO Capital Markets decreased their target price on Incyte from $56.00 to $52.00 and set a “market perform” rating on the stock in a research note on Wednesday, May 1st. TD Cowen cut their target price on shares of Incyte from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $65.00 price objective on shares of Incyte in a research report on Monday, March 25th. Oppenheimer reduced their price objective on Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 24th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Incyte in a research note on Thursday, May 23rd. They set a “hold” rating and a $55.00 target price for the company. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $73.69.

Insider Transactions at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 19,164 shares of the company’s stock in a transaction dated 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 in the company, valued at $3,982,620. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Incyte news, EVP Barry P. Flannelly sold 19,164 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were 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 owns 66,377 shares of the company’s stock, valued at $3,982,620. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total transaction of $64,388.63. Following the transaction, the insider now directly owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The disclosure for this sale can be found here. Corporate insiders own 17.50% of the company’s stock.

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.