Geode Capital Management LLC Acquires 103,910 Shares of Incyte Co. (NASDAQ:INCY)

Geode Capital Management LLC grew its stake in shares of Incyte Co. (NASDAQ:INCY) by 2.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 4,040,086 shares of the biopharmaceutical company’s stock after buying an additional 103,910 shares during the period. Geode Capital Management LLC’s holdings in Incyte were worth $278,346,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in INCY. Retirement Systems of Alabama lifted its holdings in Incyte by 0.4% during the fourth quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company’s stock valued at $2,391,000 after purchasing an additional 139 shares in the last quarter. Trust Point Inc. boosted its holdings in Incyte by 5.0% in the 4th quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company’s stock worth $227,000 after buying an additional 156 shares during the period. Mather Group LLC. increased its stake in Incyte by 26.4% in the 4th quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company’s stock worth $57,000 after buying an additional 173 shares in the last quarter. 180 Wealth Advisors LLC raised its holdings in Incyte by 3.9% during the fourth quarter. 180 Wealth Advisors LLC now owns 5,231 shares of the biopharmaceutical company’s stock valued at $361,000 after acquiring an additional 195 shares during the period. Finally, Catalyst Financial Partners LLC lifted its position in shares of Incyte by 2.7% in the fourth quarter. Catalyst Financial Partners LLC now owns 7,493 shares of the biopharmaceutical company’s stock valued at $518,000 after acquiring an additional 200 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. This trade represents a 2.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,827 shares of company stock valued at $3,322,618 over the last 90 days. Insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

INCY has been the subject of several research analyst reports. Morgan Stanley cut their target price on Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, March 24th. Citigroup reduced their price objective on shares of Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Wells Fargo & Company boosted their target price on shares of Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Stifel Nicolaus raised their target price on shares of Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research note on Monday, February 10th. Finally, Truist Financial decreased their price target on shares of Incyte from $74.00 to $72.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Incyte currently has a consensus rating of “Hold” and a consensus target price of $74.88.

Incyte Price Performance

Shares of Incyte stock opened at $60.58 on Friday. The stock has a 50 day moving average price of $68.41 and a 200-day moving average price of $69.97. Incyte Co. has a one year low of $50.35 and a one year high of $83.95. The stock has a market cap of $11.72 billion, a price-to-earnings ratio of 224.38, a price-to-earnings-growth ratio of 0.41 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97.

Incyte (NASDAQ:INCY) last announced its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. Equities analysts expect that Incyte Co. will post 4.86 EPS for the current year.

About Incyte

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.