ARK Investment Management LLC Sells 49,761 Shares of Incyte Co. (NASDAQ:INCY)

ARK Investment Management LLC reduced its stake in Incyte Co. (NASDAQ:INCY) by 23.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 161,775 shares of the biopharmaceutical company’s stock after selling 49,761 shares during the period. ARK Investment Management LLC owned approximately 0.08% of Incyte worth $11,174,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Global X Japan Co. Ltd. boosted its stake in shares of Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 230 shares during the period. Brooklyn Investment Group bought a new stake in shares of Incyte in the third quarter valued at approximately $30,000. R Squared Ltd bought a new stake in shares of Incyte in the fourth quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Incyte in the third quarter valued at approximately $33,000. Finally, Groupama Asset Managment boosted its stake in shares of Incyte by 11.4% in the third quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 6,105 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Performance

NASDAQ INCY opened at $74.40 on Wednesday. The company has a market capitalization of $14.40 billion, a price-to-earnings ratio of 275.57, a PEG ratio of 0.41 and a beta of 0.70. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95. The stock has a fifty day simple moving average of $71.42 and a 200 day simple moving average of $69.70. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Sell-side analysts expect that Incyte Co. will post 4.86 EPS for the current year.

Analyst Ratings Changes

INCY has been the subject of several recent analyst reports. Stifel Nicolaus upped their target price on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research note on Monday, February 10th. Morgan Stanley upped their target price on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Citigroup cut their target price on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. UBS Group initiated coverage on Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 target price for the company. Finally, William Blair restated an “outperform” rating on shares of Incyte in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $75.25.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 650 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $70.64, for a total transaction of $45,916.00. Following the completion of the sale, the insider now directly owns 23,962 shares in the company, valued at approximately $1,692,675.68. This trade represents a 2.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the sale, the executive vice president now owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,695 shares of company stock worth $1,444,356. Company insiders own 17.60% of the company’s stock.

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.