GRIMES & Co WEALTH MANAGEMENT LLC Sells 10,421 Shares of Incyte Corporation $INCY

GRIMES & Co WEALTH MANAGEMENT LLC lowered its stake in shares of Incyte Corporation (NASDAQ:INCY) by 7.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 124,027 shares of the biopharmaceutical company’s stock after selling 10,421 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Incyte were worth $15,051,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Incyte in the 2nd quarter worth about $2,044,189,000. Legal & General Group Plc purchased a new stake in shares of Incyte in the second quarter worth approximately $182,054,000. Caisse de depot et placement du Quebec purchased a new stake in shares of Incyte in the second quarter worth approximately $155,360,000. Deutsche Bank AG purchased a new stake in shares of Incyte in the second quarter worth approximately $143,172,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Incyte during the 2nd quarter worth approximately $110,279,000. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Down 0.3%

Shares of NASDAQ:INCY opened at $120.04 on Tuesday. The firm has a 50 day moving average of $120.33 and a 200 day moving average of $108.22. The company has a market capitalization of $24.33 billion, a price-to-earnings ratio of 63.85, a price-to-earnings-growth ratio of 4.83 and a beta of 0.74. Incyte Corporation has a 52 week low of $89.25 and a 52 week high of $132.60.

Incyte (NASDAQ:INCY) last announced its earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.93) by $0.33. Incyte had a return on equity of 29.93% and a net margin of 27.71%. The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the firm earned $2.26 EPS. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. On average, sell-side analysts expect that Incyte Corporation will post 1.97 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on INCY shares. Truist Financial boosted their price objective on Incyte from $105.00 to $115.00 and gave the company a “hold” rating in a report on Wednesday, October 14th. Guggenheim increased their target price on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. HC Wainwright reiterated a “buy” rating on shares of Incyte in a research report on Tuesday, October 27th. Benchmark reissued a “buy” rating on shares of Incyte in a research note on Tuesday, October 13th. Finally, Citigroup restated a “buy” rating on shares of Incyte in a report on Monday, August 3rd. Twelve research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Incyte currently has a consensus rating of “Hold” and a consensus price target of $133.10.

Insider Activity at Incyte

In related news, insider Pablo Cagnoni sold 10,801 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

About Incyte

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.