Franklin Resources Inc. Purchases 143,059 Shares of Incyte Co. (NASDAQ:INCY)

Franklin Resources Inc. raised its position in Incyte Co. (NASDAQ:INCY) by 70.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 344,777 shares of the biopharmaceutical company’s stock after purchasing an additional 143,059 shares during the period. Franklin Resources Inc. owned 0.18% of Incyte worth $23,814,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Public Sector Pension Investment Board boosted its position in Incyte by 4.7% during the third quarter. Public Sector Pension Investment Board now owns 6,622 shares of the biopharmaceutical company’s stock valued at $438,000 after acquiring an additional 300 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Incyte during the 3rd quarter valued at about $33,000. Quantinno Capital Management LP grew its stake in Incyte by 106.5% during the third quarter. Quantinno Capital Management LP now owns 67,968 shares of the biopharmaceutical company’s stock worth $4,493,000 after purchasing an additional 35,054 shares during the period. EP Wealth Advisors LLC grew its stake in Incyte by 42.1% during the third quarter. EP Wealth Advisors LLC now owns 5,628 shares of the biopharmaceutical company’s stock worth $372,000 after purchasing an additional 1,667 shares during the period. Finally, National Bank of Canada FI increased its holdings in Incyte by 86.1% in the third quarter. National Bank of Canada FI now owns 81,728 shares of the biopharmaceutical company’s stock worth $5,402,000 after purchasing an additional 37,809 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Incyte news, EVP Sheila A. Denton sold 14,069 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total value of $1,042,090.83. Following the transaction, the executive vice president now directly owns 25,848 shares in the company, valued at $1,914,561.36. The trade was a 35.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 19,807 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the sale, the executive vice president now owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. The trade was a 37.11 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,827 shares of company stock valued at $3,322,618. Insiders own 17.60% of the company’s stock.

Incyte Stock Performance

Shares of INCY stock opened at $60.58 on Monday. Incyte Co. has a one year low of $50.35 and a one year high of $83.95. The company has a market cap of $11.72 billion, a P/E ratio of 224.38, a P/E/G ratio of 0.41 and a beta of 0.89. The firm has a 50-day moving average of $68.41 and a 200-day moving average of $70.01. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

Incyte (NASDAQ:INCY) last posted its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Equities research analysts forecast that Incyte Co. will post 4.86 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on INCY. Morgan Stanley reduced their price objective on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, March 24th. Truist Financial reduced their price target on shares of Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, February 11th. StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Finally, William Blair lowered Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Incyte has a consensus rating of “Hold” and a consensus target price of $74.88.

About Incyte

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.