PNC Financial Services Group Inc. Cuts Stock Holdings in Incyte Co. (NASDAQ:INCY)

Posted by Defense World Staff on May 30th, 2023

PNC Financial Services Group Inc. decreased its holdings in shares of Incyte Co. (NASDAQ:INCY – Get Rating) by 9.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,688 shares of the biopharmaceutical company’s stock after selling 1,795 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Incyte were worth $1,421,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Incyte by 1.1% during the third quarter. Vanguard Group Inc. now owns 21,228,061 shares of the biopharmaceutical company’s stock worth $1,414,638,000 after purchasing an additional 238,448 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Incyte by 3.1% during the third quarter. BlackRock Inc. now owns 19,644,663 shares of the biopharmaceutical company’s stock worth $1,309,121,000 after purchasing an additional 585,285 shares in the last quarter. State Street Corp grew its holdings in shares of Incyte by 1.1% during the third quarter. State Street Corp now owns 9,552,953 shares of the biopharmaceutical company’s stock worth $636,609,000 after purchasing an additional 100,077 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Incyte by 0.6% during the third quarter. Royal Bank of Canada now owns 9,206,851 shares of the biopharmaceutical company’s stock worth $613,542,000 after purchasing an additional 56,188 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Incyte by 2.3% in the 1st quarter. Renaissance Technologies LLC now owns 4,697,633 shares of the biopharmaceutical company’s stock worth $373,086,000 after buying an additional 106,900 shares during the last quarter. Hedge funds and other institutional investors own 95.08% of the company’s stock.

Incyte Price Performance

Shares of Incyte stock opened at $62.58 on Tuesday. The company has a quick ratio of 3.91, a current ratio of 3.95 and a debt-to-equity ratio of 0.01. The company has a market cap of $13.96 billion, a PE ratio of 43.16, a P/E/G ratio of 3.10 and a beta of 0.72. The business has a 50 day moving average of $70.03 and a 200 day moving average of $76.31. Incyte Co. has a 52 week low of $62.32 and a 52 week high of $86.29.

Analysts Set New Price Targets

A number of analysts recently weighed in on INCY shares. VNET Group restated a “maintains” rating on shares of Incyte in a research report on Wednesday, May 3rd. Mizuho dropped their target price on Incyte from $95.00 to $82.00 in a research report on Wednesday, May 3rd. BMO Capital Markets dropped their target price on Incyte from $75.00 to $70.00 in a research report on Wednesday, May 3rd. Cowen boosted their target price on Incyte from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 8th. Finally, SVB Leerink restated an “underperform” rating and issued a $63.00 target price on shares of Incyte in a research report on Wednesday, February 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average price target of $81.50.

Incyte Company Profile

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Incyte Corp. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of proprietary therapeutics. The company was founded in April 1991 and is headquartered in Wilmington, DE.