Allspring Global Investments Holdings LLC Sells 314,500 Shares of Incyte Co. (NASDAQ:INCY)

Allspring Global Investments Holdings LLC trimmed its position in Incyte Co. (NASDAQ:INCY) by 63.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 182,997 shares of the biopharmaceutical company’s stock after selling 314,500 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.09% of Incyte worth $12,724,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in INCY. Global X Japan Co. Ltd. grew its stake in shares of Incyte by 144.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 230 shares during the period. Brooklyn Investment Group acquired a new stake in shares of Incyte in the third quarter valued at approximately $30,000. R Squared Ltd bought a new position in shares of Incyte in the 4th quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Incyte during the third quarter worth $33,000. Finally, Cromwell Holdings LLC lifted its position in shares of Incyte by 101.1% in the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 283 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Thomas Tray sold 650 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $69.31, for a total value of $45,051.50. Following the completion of the sale, the insider now directly owns 23,312 shares of the company’s stock, valued at $1,615,754.72. This represents a 2.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of the firm’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 directly owns 30,658 shares in the company, valued at $2,311,000.04. The trade was a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,695 shares of company stock valued at $1,444,356 in the last 90 days. Company insiders own 17.60% of the company’s stock.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $70.42 on Tuesday. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The stock has a market cap of $13.57 billion, a price-to-earnings ratio of 503.04, a PEG ratio of 0.53 and a beta of 0.70. The company has a 50 day simple moving average of $71.26 and a two-hundred day simple moving average of $69.22.

Incyte (NASDAQ:INCY) last announced its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. As a group, analysts predict that Incyte Co. will post 0.35 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on INCY. The Goldman Sachs Group lifted their price target on shares of Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Wells Fargo & Company upped their price objective on Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. UBS Group began coverage on Incyte in a report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 target price on the stock. Oppenheimer increased their price target on Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $75.59.

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.