Rafferty Asset Management LLC Sells 45,073 Shares of Incyte Corporation $INCY

Rafferty Asset Management LLC trimmed its position in shares of Incyte Corporation (NASDAQ:INCY) by 28.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 111,537 shares of the biopharmaceutical company’s stock after selling 45,073 shares during the period. Rafferty Asset Management LLC owned about 0.06% of Incyte worth $9,459,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in INCY. Handelsbanken Fonder AB boosted its position in Incyte by 10.0% during the third quarter. Handelsbanken Fonder AB now owns 45,200 shares of the biopharmaceutical company’s stock valued at $3,833,000 after buying an additional 4,100 shares during the period. Andra AP fonden increased its stake in shares of Incyte by 24.2% in the third quarter. Andra AP fonden now owns 460,600 shares of the biopharmaceutical company’s stock worth $39,063,000 after buying an additional 89,800 shares during the period. DNB Asset Management AS raised its holdings in Incyte by 4.0% during the 3rd quarter. DNB Asset Management AS now owns 30,065 shares of the biopharmaceutical company’s stock valued at $2,550,000 after buying an additional 1,169 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Incyte by 1.3% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 314,183 shares of the biopharmaceutical company’s stock worth $26,646,000 after acquiring an additional 4,049 shares during the last quarter. Finally, AlphaCore Capital LLC purchased a new position in shares of Incyte in the third quarter valued at about $210,000. Institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $101.27 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. The firm has a market cap of $20.15 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 0.80 and a beta of 0.84. The business has a 50-day simple moving average of $102.52 and a two-hundred day simple moving average of $95.89. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $112.29.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the previous year, the business earned $1.43 EPS. The business’s revenue was up 27.8% compared to the same quarter last year. On average, analysts expect that Incyte Corporation will post 4.86 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on INCY. Zacks Research cut Incyte from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Guggenheim raised Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Monday, November 3rd. Barclays upped their price target on shares of Incyte from $116.00 to $117.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 18th. Wall Street Zen lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, Wells Fargo & Company decreased their target price on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a report on Wednesday, February 11th. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $104.00.

Insider Transactions at Incyte

In other Incyte news, insider Thomas Tray sold 2,774 shares of the firm’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $100.00, for a total value of $277,400.00. Following the transaction, the insider directly owned 22,973 shares of the company’s stock, valued at approximately $2,297,300. This trade represents a 10.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Steven H. Stein sold 20,105 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the sale, the executive vice president owned 63,129 shares of the company’s stock, valued at approximately $6,471,353.79. This represents a 24.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 92,666 shares of company stock worth $9,256,271. 17.80% of the stock is currently owned by insiders.

Incyte Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.