Intech Investment Management LLC Cuts Position in Incyte Corporation $INCY

Intech Investment Management LLC lowered its stake in shares of Incyte Corporation (NASDAQ:INCY) by 27.7% during the third quarter, Holdings Channel reports. The institutional investor owned 50,453 shares of the biopharmaceutical company’s stock after selling 19,326 shares during the period. Intech Investment Management LLC’s holdings in Incyte were worth $4,279,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Nova Scotia lifted its position in shares of Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after acquiring an additional 124 shares during the period. MAI Capital Management increased its stake in Incyte by 19.9% in the 2nd quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after purchasing an additional 125 shares in the last quarter. Atlantic Edge Private Wealth Management LLC increased its stake in Incyte by 0.9% in the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock valued at $1,235,000 after purchasing an additional 125 shares in the last quarter. E Fund Management Co. Ltd. raised its holdings in Incyte by 0.8% during the second quarter. E Fund Management Co. Ltd. now owns 19,912 shares of the biopharmaceutical company’s stock worth $1,356,000 after purchasing an additional 158 shares during the last quarter. Finally, Wealthfront Advisers LLC raised its holdings in Incyte by 2.4% during the second quarter. Wealthfront Advisers LLC now owns 7,366 shares of the biopharmaceutical company’s stock worth $502,000 after purchasing an additional 171 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Incyte

In other Incyte news, insider Thomas Tray sold 2,774 shares of the stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $100.00, for a total transaction of $277,400.00. Following the transaction, the insider owned 22,973 shares of the company’s stock, valued at $2,297,300. This trade represents a 10.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael James Morrissey sold 54,008 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the sale, the executive vice president directly owned 31,830 shares of the company’s stock, valued at $3,096,740.70. This represents a 62.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 92,666 shares of company stock worth $9,256,271. 17.80% of the stock is owned by insiders.

Incyte Trading Up 1.2%

Shares of Incyte stock opened at $101.27 on Monday. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $112.29. The business’s fifty day moving average is $102.52 and its two-hundred day moving average is $95.89. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The firm has a market cap of $20.15 billion, a PE ratio of 15.80, a P/E/G ratio of 0.80 and a beta of 0.84.

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on INCY. Zacks Research cut Incyte from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. TD Cowen reissued a “buy” rating on shares of Incyte in a research note on Tuesday, January 13th. Barclays raised their target price on shares of Incyte from $116.00 to $117.00 and gave the company an “overweight” rating in a report on Wednesday, February 18th. Wall Street Zen downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Finally, Mizuho set a $121.00 price objective on shares of Incyte and gave the stock an “outperform” rating in a research note on Monday, December 8th. Nine analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $104.00.

Incyte Company 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.