Principal Financial Group Inc. Sells 27,138 Shares of Incyte Co. (NASDAQ:INCY)

Principal Financial Group Inc. decreased its position in shares of Incyte Co. (NASDAQ:INCY) by 10.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 220,750 shares of the biopharmaceutical company’s stock after selling 27,138 shares during the quarter. Principal Financial Group Inc. owned 0.11% of Incyte worth $14,592,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Orion Portfolio Solutions LLC acquired a new position in shares of Incyte during the 3rd quarter worth $770,000. Greenwood Capital Associates LLC bought a new position in shares of Incyte in the third quarter worth about $433,000. Tri Ri Asset Management Corp acquired a new stake in shares of Incyte in the 3rd quarter valued at approximately $3,292,000. Andra AP fonden grew its holdings in shares of Incyte by 35.2% during the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after purchasing an additional 64,500 shares during the last quarter. Finally, Cypress Capital Group acquired a new position in Incyte during the 3rd quarter worth approximately $971,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on INCY shares. Oppenheimer boosted their target price on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. BMO Capital Markets reaffirmed an “underperform” rating and issued a $52.00 target price (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Tuesday, November 19th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Friday, December 13th. Finally, Wells Fargo & Company boosted their target price on shares of Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Incyte has an average rating of “Hold” and a consensus price target of $76.29.

Insider Activity

In related news, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the transaction, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,023 shares of company stock worth $839,711 in the last three months. Company insiders own 17.60% of the company’s stock.

Incyte Price Performance

Incyte stock opened at $69.23 on Friday. The stock has a market capitalization of $13.34 billion, a price-to-earnings ratio of 494.54, a PEG ratio of 7.90 and a beta of 0.69. Incyte Co. has a 52-week low of $50.35 and a 52-week high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. The stock’s 50 day moving average price is $72.77 and its two-hundred day moving average price is $66.99.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The firm’s revenue was up 23.8% compared to the same quarter last year. On average, equities analysts predict that Incyte Co. will post 0.4 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.