Bank of Montreal Can Sells 23,150 Shares of Incyte Co. (NASDAQ:INCY)

Bank of Montreal Can decreased its stake in Incyte Co. (NASDAQ:INCY) by 10.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 194,736 shares of the biopharmaceutical company’s stock after selling 23,150 shares during the period. Bank of Montreal Can’s holdings in Incyte were worth $12,819,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INCY. Haverford Trust Co raised its position in shares of Incyte by 1.8% in the 3rd quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock valued at $515,000 after acquiring an additional 135 shares during the period. V Square Quantitative Management LLC increased its stake in Incyte by 4.1% in the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock valued at $262,000 after purchasing an additional 155 shares in the last quarter. Deseret Mutual Benefit Administrators raised its holdings in Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 164 shares during the period. Ballentine Partners LLC boosted its position in shares of Incyte by 4.0% during the second quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock worth $287,000 after purchasing an additional 182 shares in the last quarter. Finally, Tectonic Advisors LLC grew its holdings in shares of Incyte by 1.6% in the 3rd quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company’s stock valued at $819,000 after buying an additional 190 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $74.59 on Monday. 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 has a 50 day moving average price of $70.76 and a 200 day moving average price of $65.22. The stock has a market capitalization of $14.37 billion, a PE ratio of 532.82, a price-to-earnings-growth ratio of 8.60 and a beta of 0.71. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95.

Incyte (NASDAQ:INCY) last released its quarterly earnings data 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 company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. Analysts predict that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on INCY shares. StockNews.com upgraded Incyte from a “buy” rating to a “strong-buy” rating in a report on Thursday. Citigroup lifted their price objective on Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Bank of America raised Incyte from a “neutral” rating to a “buy” rating and increased their target price for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. Wells Fargo & Company lifted their price target on shares of Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Finally, BMO Capital Markets reissued an “underperform” rating and set a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $77.16.

Insider Activity

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of 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 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Barry P. Flannelly sold 3,680 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at $4,624,786.56. The trade was a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,702 shares of company stock valued at $856,166 in the last quarter. Company insiders own 17.60% of the company’s stock.

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.