Chevy Chase Trust Holdings LLC Has $5.67 Million Stock Position in Incyte Co. (NASDAQ:INCY)

Chevy Chase Trust Holdings LLC lessened its position in shares of Incyte Co. (NASDAQ:INCY) by 1.3% in the third quarter, HoldingsChannel.com reports. The firm owned 85,709 shares of the biopharmaceutical company’s stock after selling 1,123 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Incyte were worth $5,665,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its holdings in Incyte by 17,460.4% during the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after acquiring an additional 2,676,851 shares during the period. Mizuho Securities USA LLC grew its stake in Incyte by 13,814.7% during the third quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock worth $132,207,000 after purchasing an additional 1,985,726 shares during the period. AQR Capital Management LLC increased its holdings in Incyte by 70.5% in the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock worth $159,905,000 after purchasing an additional 1,101,041 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after buying an additional 779,243 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Incyte by 122.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after buying an additional 490,680 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

INCY opened at $74.92 on Friday. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The firm has a 50-day moving average of $71.53 and a 200 day moving average of $65.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. The firm has a market cap of $14.43 billion, a P/E ratio of 535.18, a PEG ratio of 8.30 and a beta of 0.69.

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

Insiders Place Their Bets

In related news, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the transaction, the executive vice president now owns 30,658 shares of the company’s stock, valued at $2,311,000.04. This represents a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,745 shares of company stock valued at $1,311,687 over the last ninety days. 17.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on INCY. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and raised their price target for the stock from $68.00 to $90.00 in a report on Tuesday, October 29th. Truist Financial reissued a “hold” rating and issued a $74.00 price target (down previously from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. Oppenheimer upped their price objective on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Wells Fargo & Company lifted their price objective on shares of Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Finally, StockNews.com raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 28th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $77.16.

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.