ARK Investment Management LLC Sells 6,325 Shares of Incyte Corporation $INCY

ARK Investment Management LLC trimmed its holdings in Incyte Corporation (NASDAQ:INCY) by 4.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 147,335 shares of the biopharmaceutical company’s stock after selling 6,325 shares during the period. ARK Investment Management LLC’s holdings in Incyte were worth $12,495,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in INCY. NewEdge Advisors LLC raised its holdings in shares of Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after acquiring an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after purchasing an additional 648 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Incyte by 6.4% in the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after purchasing an additional 48,751 shares in the last quarter. United Services Automobile Association bought a new position in shares of Incyte in the first quarter valued at approximately $219,000. Finally, Focus Partners Wealth boosted its position in shares of Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after buying an additional 8,951 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on INCY. TD Cowen reissued a “buy” rating on shares of Incyte in a research report on Tuesday, January 13th. Wells Fargo & Company lowered their target price on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a report on Wednesday, February 11th. Mizuho set a $121.00 price target on shares of Incyte and gave the company an “outperform” rating in a research report on Monday, December 8th. Truist Financial set a $103.00 price objective on shares of Incyte in a research report on Wednesday, December 24th. Finally, Morgan Stanley set a $102.00 target price on shares of Incyte in a research report on Wednesday, February 11th. Ten research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and an average price target of $104.00.

Insiders Place Their Bets

In other news, insider Thomas Tray sold 2,774 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the transaction, the insider owned 22,973 shares of the company’s stock, valued at $2,297,300. This represents a 10.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael James Morrissey sold 4,323 shares of the stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total value of $420,454.98. Following the transaction, the executive vice president owned 27,507 shares of the company’s stock, valued at $2,675,330.82. The trade was a 13.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 72,561 shares of company stock valued at $7,195,307 over the last ninety days. 17.80% of the stock is currently owned by insiders.

Incyte Stock Performance

NASDAQ INCY opened at $98.86 on Thursday. The company has a market capitalization of $19.67 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 0.78 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $112.29. The company has a 50-day simple moving average of $102.42 and a 200 day simple moving average of $96.08.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm’s revenue was up 27.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.43 earnings per share. On average, research analysts predict that Incyte Corporation will post 4.86 EPS for the current year.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.