Nuveen Asset Management LLC Acquires 20,855 Shares of Incyte Co. (NASDAQ:INCY)

Nuveen Asset Management LLC grew its holdings in shares of Incyte Co. (NASDAQ:INCY) by 4.3% in the fourth quarter, HoldingsChannel reports. The fund owned 506,723 shares of the biopharmaceutical company’s stock after purchasing an additional 20,855 shares during the quarter. Nuveen Asset Management LLC’s holdings in Incyte were worth $34,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quintet Private Bank Europe S.A. purchased a new stake in Incyte in the fourth quarter worth about $26,000. Global X Japan Co. Ltd. increased its holdings in Incyte by 144.7% in the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 230 shares in the last quarter. R Squared Ltd bought a new stake in Incyte during the 4th quarter worth approximately $30,000. Blue Trust Inc. lifted its holdings in Incyte by 124.6% during the fourth quarter. Blue Trust Inc. now owns 593 shares of the biopharmaceutical company’s stock valued at $39,000 after purchasing an additional 329 shares in the last quarter. Finally, Bradley & Co. Private Wealth Management LLC bought a new position in shares of Incyte in the fourth quarter worth approximately $42,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on INCY shares. Citigroup decreased their price objective on shares of Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Royal Bank of Canada boosted their price objective on Incyte from $64.00 to $67.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 30th. Truist Financial dropped their price objective on Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. JPMorgan Chase & Co. decreased their target price on Incyte from $70.00 to $68.00 and set a “neutral” rating on the stock in a research note on Monday, April 21st. Finally, Stifel Nicolaus upped their price target on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Incyte presently has an average rating of “Hold” and an average price target of $73.53.

Incyte Stock Up 2.3%

Shares of INCY opened at $65.30 on Wednesday. The stock has a market capitalization of $12.64 billion, a price-to-earnings ratio of 241.86, a price-to-earnings-growth ratio of 0.41 and a beta of 0.68. Incyte Co. has a 1 year low of $53.56 and a 1 year high of $83.95. The business’s 50 day simple moving average is $60.37 and its 200-day simple moving average is $68.28. 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 announced its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.15. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $996.17 million. Incyte had a net margin of 0.77% and a return on equity of 0.05%. Incyte’s quarterly revenue was up 19.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 earnings per share. As a group, equities analysts expect that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total value of $41,924.01. Following the completion of the transaction, the executive vice president now owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. This trade represents a 2.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. This represents a 37.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,475 shares of company stock valued at $2,424,751 in the last three months. Corporate insiders own 17.80% of the company’s stock.

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.