JPMorgan Chase & Co. Sells 209,133 Shares of Incyte Co. (NASDAQ:INCY)

JPMorgan Chase & Co. trimmed its position in Incyte Co. (NASDAQ:INCY) by 42.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 285,090 shares of the biopharmaceutical company’s stock after selling 209,133 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.15% of Incyte worth $18,845,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Pacer Advisors Inc. lifted its stake in Incyte by 17,460.4% in the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after purchasing an additional 2,676,851 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Incyte by 70.5% in the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock worth $159,905,000 after purchasing an additional 1,101,041 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Incyte in the third quarter worth $156,611,000. Mizuho Securities USA LLC boosted its stake in Incyte by 13,814.7% during the third quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock valued at $132,207,000 after buying an additional 1,985,726 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Incyte by 29.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,609,220 shares of the biopharmaceutical company’s stock worth $106,369,000 after buying an additional 364,169 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on INCY. Royal Bank of Canada raised their price target on Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, November 14th. BMO Capital Markets reiterated an “underperform” rating and set a $52.00 target price (up from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Friday, December 13th. William Blair restated an “outperform” rating on shares of Incyte in a research report on Friday, December 13th. Finally, UBS Group initiated coverage on shares of Incyte in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $76.29.

Insider Buying and Selling at Incyte

In other news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the sale, the executive vice president now directly owns 30,658 shares in the company, valued at approximately $2,311,000.04. This trade represents a 16.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas Tray sold 650 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $70.64, for a total value of $45,916.00. Following the transaction, the insider now directly owns 23,962 shares in the company, valued at $1,692,675.68. This trade represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,023 shares of company stock worth $839,711. 17.60% of the stock is currently owned by company insiders.

Incyte Price Performance

Shares of Incyte stock opened at $73.13 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. Incyte Co. has a one year low of $50.35 and a one year high of $83.95. The business’s 50 day simple moving average is $73.24 and its two-hundred day simple moving average is $67.50. The stock has a market capitalization of $14.09 billion, a P/E ratio of 522.39, a price-to-earnings-growth ratio of 7.90 and a beta of 0.71.

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

About Incyte

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.