Legal & General Group Plc Sells 209,822 Shares of Incyte Corporation $INCY

Legal & General Group Plc reduced its stake in Incyte Corporation (NASDAQ:INCY) by 12.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,469,147 shares of the biopharmaceutical company’s stock after selling 209,822 shares during the quarter. Legal & General Group Plc owned 0.75% of Incyte worth $145,108,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Elyxium Wealth LLC bought a new stake in Incyte in the 4th quarter valued at $28,000. Leonteq Securities AG bought a new stake in Incyte in the 4th quarter valued at $35,000. Kingdom Financial Group LLC. bought a new stake in Incyte in the 4th quarter valued at $43,000. MUFG Securities EMEA plc bought a new stake in Incyte in the 2nd quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in Incyte in the 2nd quarter valued at $33,000. 96.97% of the stock is owned by institutional investors.

Incyte Trading Up 0.2%

Shares of NASDAQ:INCY opened at $97.50 on Friday. The company’s 50-day moving average price is $95.75 and its two-hundred day moving average price is $99.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. Incyte Corporation has a one year low of $63.92 and a one year high of $112.29. The stock has a market capitalization of $19.48 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 0.93 and a beta of 0.79.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the firm posted $1.16 EPS. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. On average, equities analysts forecast that Incyte Corporation will post 6.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on INCY shares. Royal Bank Of Canada cut their price objective on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. Citigroup reaffirmed a “buy” rating on shares of Incyte in a research report on Thursday, May 21st. Piper Sandler boosted their price target on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Morgan Stanley set a $102.00 price target on shares of Incyte in a research report on Wednesday, February 11th. Finally, Jefferies Financial Group cut shares of Incyte from a “buy” rating to a “hold” rating and cut their price target for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Ten research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $104.00.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.