ARK Investment Management LLC Sells 187,127 Shares of Incyte Co. (NASDAQ:INCY)

ARK Investment Management LLC lessened its stake in Incyte Co. (NASDAQ:INCY) by 46.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 211,536 shares of the biopharmaceutical company’s stock after selling 187,127 shares during the period. ARK Investment Management LLC owned about 0.11% of Incyte worth $13,983,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. JB Capital LLC boosted its holdings in Incyte by 2.5% in the third quarter. JB Capital LLC now owns 46,628 shares of the biopharmaceutical company’s stock valued at $3,082,000 after acquiring an additional 1,150 shares during the last quarter. Greenwood Capital Associates LLC acquired a new position in shares of Incyte in the 3rd quarter worth approximately $433,000. Forum Financial Management LP bought a new stake in shares of Incyte in the 3rd quarter valued at $232,000. Robeco Institutional Asset Management B.V. increased its position in shares of Incyte by 5.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,265,966 shares of the biopharmaceutical company’s stock worth $83,680,000 after buying an additional 70,596 shares during the period. Finally, Integrated Advisors Network LLC bought a new position in Incyte during the third quarter worth $967,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of INCY stock opened at $82.34 on Friday. 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 $15.86 billion, a price-to-earnings ratio of 588.18, a P/E/G ratio of 8.73 and a beta of 0.71. The firm’s 50-day simple moving average is $66.79 and its two-hundred day simple moving average is $62.43. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $82.97.

Incyte (NASDAQ:INCY) last issued its 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). The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 earnings per share. As a group, equities analysts forecast that Incyte Co. will post 0.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wells Fargo & Company increased their price target on Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $68.00 to $90.00 in a report on Tuesday, October 29th. Royal Bank of Canada boosted their price target on Incyte from $67.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 30th. Guggenheim lifted their price objective on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, Oppenheimer boosted their target price on shares of Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $76.74.

Insider Buying and Selling at Incyte

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.60% 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.