Bank of Montreal Can Has $13.83 Million Stake in Incyte Co. (NASDAQ:INCY)

Bank of Montreal Can cut its stake in Incyte Co. (NASDAQ:INCY) by 66.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 217,886 shares of the biopharmaceutical company’s stock after selling 434,900 shares during the quarter. Bank of Montreal Can owned 0.10% of Incyte worth $13,834,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of INCY. Pacer Advisors Inc. boosted its holdings in Incyte by 17,460.4% during the second 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 during the last quarter. KBC Group NV grew its holdings in shares of Incyte by 842.2% in the fourth quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock valued at $60,011,000 after acquiring an additional 854,311 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after acquiring an additional 779,243 shares in the last quarter. Swedbank AB bought a new stake in Incyte during the first quarter worth $37,440,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Incyte by 122.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after purchasing an additional 490,680 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Up 1.1 %

INCY opened at $65.83 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. Incyte Co. has a one year low of $50.27 and a one year high of $70.36. The firm has a market capitalization of $14.78 billion, a P/E ratio of 19.95, a price-to-earnings-growth ratio of 5.17 and a beta of 0.73. The company has a fifty day moving average price of $64.31 and a 200-day moving average price of $59.96.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. Incyte’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.77 earnings per share. Equities research analysts expect that Incyte Co. will post 0.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft lifted their target price on Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Truist Financial reaffirmed a “hold” rating and issued a $74.00 price objective (down previously from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. Oppenheimer lowered their price target on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Finally, Guggenheim upped their price objective on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average price target of $73.24.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total value of $488,880.00. Following the transaction, the executive vice president now owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at $3,725,715.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 8,148 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the sale, the executive vice president now owns 50,534 shares of the company’s stock, valued at $3,032,040. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock worth $2,225,626 over the last three months. 17.50% of the stock is owned by insiders.

Incyte 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.