Wellington Management Group LLP Trims Stock Position in Incyte Co. (NASDAQ:INCY)

Wellington Management Group LLP reduced its position in Incyte Co. (NASDAQ:INCY) by 59.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 71,730 shares of the biopharmaceutical company’s stock after selling 103,098 shares during the quarter. Wellington Management Group LLP’s holdings in Incyte were worth $4,741,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Greenwood Capital Associates LLC acquired a new stake in Incyte during the third quarter valued at approximately $433,000. Andra AP fonden lifted its stake in Incyte by 35.2% during the second quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after purchasing an additional 64,500 shares during the last quarter. Cypress Capital Group acquired a new stake in shares of Incyte during the 3rd quarter valued at $971,000. Commerce Bank purchased a new stake in shares of Incyte in the 3rd quarter valued at approximately $610,000. Finally, Bridgewater Associates LP boosted its position in Incyte by 142.8% during the 3rd quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock worth $20,401,000 after acquiring an additional 181,504 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, 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 transaction 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction 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. The trade was a 16.47 % decrease in their position. The disclosure for this sale can be found here. 17.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on INCY shares. Morgan Stanley lifted their price objective on shares of Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. JPMorgan Chase & Co. boosted their price target on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Royal Bank of Canada lifted their target price on Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and a consensus target price of $76.13.

Incyte Stock Up 1.8 %

NASDAQ INCY opened at $69.80 on Tuesday. The company has a fifty day moving average of $72.22 and a two-hundred day moving average of $66.40. The firm has a market capitalization of $13.45 billion, a price-to-earnings ratio of 498.57, a PEG ratio of 8.36 and a beta of 0.69. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95.

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

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.