Glenmede Trust Co. NA Cuts Position in Incyte Co. (NASDAQ:INCY)

Glenmede Trust Co. NA trimmed its position in shares of Incyte Co. (NASDAQ:INCY) by 18.4% during the 3rd quarter, Holdings Channel reports. The fund owned 697,025 shares of the biopharmaceutical company’s stock after selling 156,962 shares during the period. Glenmede Trust Co. NA’s holdings in Incyte were worth $46,073,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MFA Wealth Advisors LLC purchased a new position in shares of Incyte in the 2nd quarter worth approximately $26,000. Brooklyn Investment Group bought a new position in Incyte during the third quarter valued at $30,000. Innealta Capital LLC purchased a new stake in shares of Incyte in the second quarter valued at $32,000. Itau Unibanco Holding S.A. bought a new stake in shares of Incyte in the 2nd quarter worth about $36,000. Finally, Deseret Mutual Benefit Administrators grew its holdings in Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 164 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

INCY has been the topic of several recent analyst reports. Guggenheim increased their price target on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Wolfe Research assumed coverage on shares of Incyte in a research note on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target for the company. Oppenheimer increased their price objective on Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Citigroup upped their target price on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $77.16.

Insiders Place Their Bets

In related news, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 2.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Barry P. Flannelly sold 3,680 shares of the firm’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 of the company’s stock, valued at $4,624,786.56. This represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,702 shares of company stock valued at $856,166. Insiders own 17.60% of the company’s stock.

Incyte Stock Performance

Shares of INCY opened at $74.80 on Wednesday. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The stock has a fifty day moving average price of $70.21 and a 200-day moving average price of $64.85. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The firm has a market cap of $14.41 billion, a PE ratio of 534.32, a P/E/G ratio of 8.48 and a beta of 0.71.

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

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.