Bank of America Corp DE Sells 217,103 Shares of Incyte Co. (NASDAQ:INCY)

Bank of America Corp DE lowered its stake in Incyte Co. (NASDAQ:INCY) by 24.8% during the fourth quarter, Holdings Channel reports. The firm owned 657,806 shares of the biopharmaceutical company’s stock after selling 217,103 shares during the period. Bank of America Corp DE’s holdings in Incyte were worth $45,435,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of INCY. Quintet Private Bank Europe S.A. acquired a new stake in Incyte in the fourth quarter valued at about $26,000. Global X Japan Co. Ltd. boosted its stake in Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 230 shares in the last quarter. R Squared Ltd acquired a new stake in Incyte in the fourth quarter valued at about $30,000. Blue Trust Inc. boosted its stake in Incyte by 124.6% in the fourth quarter. Blue Trust Inc. now owns 593 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 329 shares in the last quarter. Finally, Bradley & Co. Private Wealth Management LLC acquired a new stake in Incyte in the fourth quarter valued at about $42,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Sheila A. Denton sold 14,069 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total value of $1,042,090.83. Following the transaction, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,914,561.36. The trade was a 35.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now directly owns 33,567 shares in the company, valued at approximately $2,272,150.23. This trade represents a 37.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,475 shares of company stock valued at $2,424,751. 17.80% of the stock is currently owned by company insiders.

Incyte Price Performance

Incyte stock opened at $61.16 on Thursday. The stock’s 50 day moving average is $60.75 and its 200 day moving average is $68.56. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The firm has a market cap of $11.84 billion, a P/E ratio of 226.53, a P/E/G ratio of 0.41 and a beta of 0.68. Incyte Co. has a one year low of $53.56 and a one year high of $83.95.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.15. Incyte had a return on equity of 0.05% and a net margin of 0.77%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. During the same period in the previous year, the firm earned $0.64 earnings per share. The firm’s quarterly revenue was up 19.5% on a year-over-year basis. As a group, research analysts expect that Incyte Co. will post 4.86 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Morgan Stanley cut their price target on Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, March 24th. Citigroup cut their price target on Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Truist Financial cut their price target on Incyte from $74.00 to $72.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. Royal Bank of Canada lifted their price target on Incyte from $64.00 to $67.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 30th. Finally, Stifel Nicolaus lifted their price target on Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $73.53.

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.