Raymond James & Associates cut its holdings in shares of Incyte Co. (NASDAQ:INCY) by 44.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,700 shares of the biopharmaceutical company’s stock after selling 28,443 shares during the quarter. Raymond James & Associates’ holdings in Incyte were worth $2,392,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in INCY. Oregon Public Employees Retirement Fund increased its position in shares of Incyte by 4.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 19,192 shares of the biopharmaceutical company’s stock valued at $1,286,000 after buying an additional 850 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Incyte by 34.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,500 shares of the biopharmaceutical company’s stock valued at $292,000 after buying an additional 900 shares during the period. First Mercantile Trust Co. increased its position in shares of Incyte by 75.8% during the second quarter. First Mercantile Trust Co. now owns 2,157 shares of the biopharmaceutical company’s stock valued at $145,000 after buying an additional 930 shares during the period. Assetmark Inc. increased its position in shares of Incyte by 221.5% during the first quarter. Assetmark Inc. now owns 1,405 shares of the biopharmaceutical company’s stock valued at $117,000 after buying an additional 968 shares during the period. Finally, Blackhawk Capital Partners LLC. increased its position in shares of Incyte by 162.5% during the first quarter. Blackhawk Capital Partners LLC. now owns 1,575 shares of the biopharmaceutical company’s stock valued at $131,000 after buying an additional 975 shares during the period. 91.57% of the stock is currently owned by institutional investors and hedge funds.
In other Incyte news, EVP Barry P. Flannelly sold 1,000 shares of the stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Paula J. Swain sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $70.00, for a total transaction of $700,000.00. Following the transaction, the executive vice president now owns 42,324 shares in the company, valued at $2,962,680. The disclosure for this sale can be found here. Insiders have sold 31,000 shares of company stock worth $2,202,100 over the last quarter. Company insiders own 17.20% of the company’s stock.
Shares of NASDAQ INCY opened at $64.17 on Tuesday. Incyte Co. has a one year low of $60.22 and a one year high of $117.95. The company has a current ratio of 4.34, a quick ratio of 4.32 and a debt-to-equity ratio of 0.01. The company has a market cap of $14.68 billion, a price-to-earnings ratio of 100.73 and a beta of 1.12.
Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 31st. The biopharmaceutical company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.22. Incyte had a negative net margin of 5.92% and a positive return on equity of 1.74%. The business had revenue of $521.50 million for the quarter, compared to analysts’ expectations of $510.70 million. During the same period last year, the business earned ($0.06) earnings per share. The business’s quarterly revenue was up 59.8% on a year-over-year basis. As a group, sell-side analysts predict that Incyte Co. will post 0.43 EPS for the current fiscal year.
INCY has been the topic of several analyst reports. Evercore ISI upgraded Incyte from an “in-line” rating to an “outperform” rating and upped their price target for the company from $60.23 to $140.11 in a research report on Monday, June 11th. BidaskClub upgraded shares of Incyte from a “strong sell” rating to a “sell” rating in a research report on Friday, June 15th. JPMorgan Chase & Co. restated a “buy” rating and issued a $88.00 price objective on shares of Incyte in a research report on Sunday, June 24th. Royal Bank of Canada cut shares of Incyte from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $76.00 to $74.00 in a research report on Tuesday, June 26th. They noted that the move was a valuation call. Finally, Morgan Stanley cut shares of Incyte from an “overweight” rating to an “equal weight” rating in a research report on Friday, July 13th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have given a buy rating to the stock. Incyte presently has a consensus rating of “Buy” and an average target price of $94.74.
Incyte Company Profile
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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