Bank of America Corp DE Reduces Position in Incyte Co. (NASDAQ:INCY)

Bank of America Corp DE lessened its holdings in shares of Incyte Co. (NASDAQ:INCY) by 2.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 373,618 shares of the biopharmaceutical company’s stock after selling 8,133 shares during the period. Bank of America Corp DE’s holdings in Incyte were worth $38,846,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Tower Research Capital LLC TRC boosted its position in shares of Incyte by 1,719.2% during the first quarter. Tower Research Capital LLC TRC now owns 7,586 shares of the biopharmaceutical company’s stock valued at $556,000 after buying an additional 7,169 shares during the period. State of Michigan Retirement System raised its stake in Incyte by 12.7% in the second quarter. State of Michigan Retirement System now owns 46,104 shares of the biopharmaceutical company’s stock worth $4,793,000 after buying an additional 5,204 shares in the last quarter. DNB Asset Management AS raised its stake in Incyte by 24.3% in the second quarter. DNB Asset Management AS now owns 21,495 shares of the biopharmaceutical company’s stock worth $2,235,000 after buying an additional 4,208 shares in the last quarter. State Street Corp increased its position in shares of Incyte by 1.1% during the first quarter. State Street Corp now owns 8,369,821 shares of the biopharmaceutical company’s stock worth $612,922,000 after purchasing an additional 90,868 shares in the last quarter. Finally, Eaton Vance Management increased its position in shares of Incyte by 89.9% during the first quarter. Eaton Vance Management now owns 376,629 shares of the biopharmaceutical company’s stock worth $27,586,000 after purchasing an additional 178,295 shares in the last quarter. Institutional investors and hedge funds own 93.35% of the company’s stock.

In related news, EVP Dashyant Dhanak sold 961 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $88.94, for a total transaction of $85,471.34. Following the completion of the transaction, the executive vice president now owns 28,971 shares of the company’s stock, valued at approximately $2,576,680.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Yao Wenqing sold 16,553 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $107.32, for a total transaction of $1,776,467.96. Following the transaction, the executive vice president now directly owns 158,849 shares of the company’s stock, valued at approximately $17,047,674.68. The disclosure for this sale can be found here. Insiders have sold a total of 252,368 shares of company stock valued at $26,711,586 in the last 90 days. Insiders own 16.10% of the company’s stock.

A number of brokerages have recently issued reports on INCY. Goldman Sachs Group downgraded Incyte from a “conviction-buy” rating to a “buy” rating in a research report on Tuesday, May 26th. Cantor Fitzgerald upped their price target on shares of Incyte from $83.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, May 19th. BidaskClub lowered shares of Incyte from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 25th. Cowen reissued a “buy” rating on shares of Incyte in a research note on Sunday, August 9th. Finally, Morgan Stanley increased their target price on shares of Incyte from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $101.86.

INCY stock opened at $91.43 on Wednesday. The firm has a 50-day moving average of $94.77 and a two-hundred day moving average of $92.95. The company has a market cap of $20.00 billion, a price-to-earnings ratio of -100.47 and a beta of 1.07. The company has a current ratio of 3.73, a quick ratio of 3.70 and a debt-to-equity ratio of 0.01. Incyte Co. has a 12 month low of $62.48 and a 12 month high of $110.36.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.36. The business had revenue of $688.00 million during the quarter, compared to the consensus estimate of $617.55 million. Incyte had a negative net margin of 8.00% and a negative return on equity of 8.06%. The business’s revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 EPS. As a group, equities analysts forecast that Incyte Co. will post -1.12 earnings per share for the current year.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

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