Allspring Global Investments Holdings LLC Boosts Stake in Incyte Co. (NASDAQ:INCY)

Allspring Global Investments Holdings LLC raised its stake in Incyte Co. (NASDAQ:INCY) by 122.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 892,710 shares of the biopharmaceutical company’s stock after buying an additional 490,680 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.40% of Incyte worth $54,116,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cape Investment Advisory Inc. purchased a new stake in shares of Incyte in the 4th quarter valued at $25,000. MFA Wealth Advisors LLC purchased a new stake in shares of Incyte during the second quarter worth approximately $26,000. Redmont Wealth Advisors LLC purchased a new position in Incyte in the first quarter worth approximately $28,000. Riverview Trust Co acquired a new stake in Incyte in the first quarter valued at $29,000. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Incyte in the first quarter valued at about $32,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

INCY stock opened at $65.63 on Wednesday. The company has a market cap of $14.74 billion, a PE ratio of 19.89, a price-to-earnings-growth ratio of 1.14 and a beta of 0.73. The company has a current ratio of 1.92, a quick ratio of 3.43 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $62.92 and a two-hundred day moving average price of $59.07. Incyte Co. has a 12-month low of $50.27 and a 12-month high of $70.36.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the business posted $0.77 EPS. The company’s quarterly revenue was up 9.3% on a year-over-year basis. As a group, research analysts predict that Incyte Co. will post 3.35 EPS for the current year.

Wall Street Analyst Weigh In

INCY has been the topic of several recent research reports. Oppenheimer dropped their price target on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Citigroup upped their price target on Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. TD Cowen reduced their target price on shares of Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research note on Tuesday, June 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $73.29.

Insider Activity at Incyte

In other news, EVP Vijay K. Iyengar sold 15,571 shares of Incyte stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the sale, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Incyte news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the sale, the insider now directly owns 21,634 shares in the company, valued at $1,274,458.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the transaction, the executive vice president now owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The disclosure for this sale can be found here. In the last three months, insiders sold 45,282 shares of company stock valued at $2,876,911. Corporate insiders own 17.50% of the company’s stock.

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.