Los Angeles Capital Management LLC Lowers Stock Holdings in Incyte Co. (NASDAQ:INCY)

Los Angeles Capital Management LLC trimmed its position in Incyte Co. (NASDAQ:INCY) by 43.4% 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 209,795 shares of the biopharmaceutical company’s stock after selling 160,616 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.11% of Incyte worth $13,867,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. MFA Wealth Advisors LLC purchased a new position in shares of Incyte during the second quarter worth approximately $26,000. Innealta Capital LLC purchased a new position in shares of Incyte during the second quarter worth approximately $32,000. Cromwell Holdings LLC raised its stake in shares of Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 283 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Incyte during the second quarter worth approximately $36,000. Finally, Deseret Mutual Benefit Administrators raised its stake in shares of Incyte by 37.1% during the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 164 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction 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 $4,624,786.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,702 shares of company stock valued at $856,166. 17.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on INCY. Guggenheim lifted their target price on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Wells Fargo & Company lifted their target price on shares of Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Morgan Stanley lifted their target price on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Truist Financial reissued a “hold” rating and set a $74.00 price objective (down from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $76.74.

Incyte Price Performance

Shares of INCY stock opened at $81.53 on Tuesday. Incyte Co. has a 1-year low of $50.35 and a 1-year high of $83.95. The stock’s 50-day moving average is $67.48 and its 200 day moving average is $62.95. The company has a market cap of $15.71 billion, a P/E ratio of 582.40, a PEG ratio of 9.61 and a beta of 0.71. 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 (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. Incyte’s revenue was up 23.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 EPS. Research analysts predict that Incyte Co. will post 0.4 earnings per share for the current fiscal 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.