Massachusetts Financial Services Co. MA Lowers Stock Holdings in Incyte Co. (NASDAQ:INCY)

Massachusetts Financial Services Co. MA lessened its position in shares of Incyte Co. (NASDAQ:INCY) by 3.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 143,053 shares of the biopharmaceutical company’s stock after selling 5,654 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.06% of Incyte worth $12,035,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of INCY. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Incyte in the first quarter worth about $228,000. Acadian Asset Management LLC raised its stake in Incyte by 13.6% during the first quarter. Acadian Asset Management LLC now owns 34,794 shares of the biopharmaceutical company’s stock valued at $2,828,000 after buying an additional 4,161 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Incyte by 26.2% during the first quarter. Sei Investments Co. now owns 27,426 shares of the biopharmaceutical company’s stock valued at $2,263,000 after purchasing an additional 5,700 shares during the last quarter. E Fund Management Co. Ltd. bought a new position in shares of Incyte during the first quarter valued at approximately $449,000. Finally, Quadrant Capital Group LLC grew its holdings in shares of Incyte by 40.7% during the first quarter. Quadrant Capital Group LLC now owns 819 shares of the biopharmaceutical company’s stock valued at $67,000 after purchasing an additional 237 shares during the last quarter. 91.98% of the stock is owned by hedge funds and other institutional investors.

INCY opened at $64.22 on Thursday. The stock has a market capitalization of $14.18 billion, a P/E ratio of 42.25, a P/E/G ratio of 0.88 and a beta of 0.76. Incyte Co. has a 12 month low of $64.08 and a 12 month high of $101.47. The firm’s fifty day simple moving average is $72.39 and its 200 day simple moving average is $78.86. The company has a current ratio of 3.97, a quick ratio of 3.94 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, August 3rd. The biopharmaceutical company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.54 by $0.26. The firm had revenue of $705.71 million for the quarter, compared to analysts’ expectations of $686.95 million. Incyte had a net margin of 12.41% and a return on equity of 15.77%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.24 EPS. On average, equities research analysts predict that Incyte Co. will post 2.25 EPS for the current fiscal year.

INCY has been the subject of a number of recent analyst reports. Truist decreased their price objective on Incyte from $120.00 to $95.00 and set a “buy” rating for the company in a report on Monday, October 4th. TheStreet lowered Incyte from a “b-” rating to a “c+” rating in a report on Friday, August 20th. Royal Bank of Canada cut their price objective on Incyte from $91.00 to $86.00 and set a “sector perform” rating for the company in a report on Thursday, September 23rd. Benchmark raised shares of Incyte from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research report on Tuesday, July 20th. Finally, JMP Securities reissued a “buy” rating and set a $124.00 target price on shares of Incyte in a research report on Friday, September 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Incyte currently has a consensus rating of “Buy” and a consensus target price of $92.56.

In other news, EVP Dashyant Dhanak sold 388 shares of the firm’s stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $76.71, for a total transaction of $29,763.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 4,911 shares of the stock in a transaction on Thursday, July 29th. The stock was sold at an average price of $78.29, for a total transaction of $384,482.19. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,688 shares of company stock worth $440,958. 15.80% of the stock is owned by company insiders.

About Incyte

Incyte Corp. is a biopharmaceutical company, which engages in the discovery, development and commercialization of proprietary therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late stage development, and commercialized products such as JAKAFI (ruxolitinib), and ICLUSIG (ponatinib).

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Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

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