Incyte Corporation $INCY Shares Sold by Sound Shore Management Inc. CT

Sound Shore Management Inc. CT reduced its stake in shares of Incyte Corporation (NASDAQ:INCY) by 17.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 767,829 shares of the biopharmaceutical company’s stock after selling 162,003 shares during the period. Incyte makes up approximately 2.4% of Sound Shore Management Inc. CT’s portfolio, making the stock its 23rd largest position. Sound Shore Management Inc. CT’s holdings in Incyte were worth $72,268,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in INCY. Elyxium Wealth LLC purchased a new stake in Incyte during the fourth quarter worth about $28,000. Smithfield Trust Co grew its position in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 162 shares during the period. MUFG Securities EMEA plc purchased a new position in Incyte in the second quarter valued at about $32,000. CYBER HORNET ETFs LLC acquired a new stake in shares of Incyte during the 2nd quarter valued at approximately $33,000. Finally, Leonteq Securities AG purchased a new stake in shares of Incyte during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ INCY opened at $117.25 on Monday. The stock has a fifty day moving average price of $104.99 and a 200 day moving average price of $101.04. The company has a market cap of $23.42 billion, a P/E ratio of 16.56, a P/E/G ratio of 1.06 and a beta of 0.76. Incyte Corporation has a 12-month low of $67.17 and a 12-month high of $119.60. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.16 earnings per share. Research analysts anticipate that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on INCY. TD Cowen restated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. BMO Capital Markets upped their price target on shares of Incyte from $94.00 to $112.00 and gave the company a “market perform” rating in a report on Monday, July 13th. Sanford C. Bernstein began coverage on Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Incyte in a research note on Monday, June 29th. Finally, Truist Financial lifted their price target on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $109.95.

About Incyte

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.