Panagora Asset Management Inc. Sells 486,257 Shares of Incyte Corporation $INCY

Panagora Asset Management Inc. lowered its stake in shares of Incyte Corporation (NASDAQ:INCY) by 32.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 992,115 shares of the biopharmaceutical company’s stock after selling 486,257 shares during the quarter. Panagora Asset Management Inc.’s holdings in Incyte were worth $97,991,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Elyxium Wealth LLC bought a new position in Incyte during the fourth quarter worth about $28,000. Smithfield Trust Co boosted its holdings 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 last quarter. MUFG Securities EMEA plc bought a new position in Incyte during the second quarter worth about $32,000. CYBER HORNET ETFs LLC bought a new position in Incyte during the second quarter worth about $33,000. Finally, Leonteq Securities AG bought a new position in Incyte during the fourth quarter worth about $35,000. Institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

NASDAQ:INCY opened at $108.53 on Monday. The firm has a market capitalization of $21.68 billion, a price-to-earnings ratio of 15.33, a price-to-earnings-growth ratio of 1.06 and a beta of 0.79. Incyte Corporation has a twelve month low of $66.74 and a twelve month high of $112.29. The stock’s 50 day moving average price is $97.78 and its two-hundred day moving average price is $99.13. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its quarterly 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 firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.16 EPS. Equities research analysts expect that Incyte Corporation will post 6.64 earnings per share for the current fiscal year.

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on INCY shares. Jefferies Financial Group cut Incyte from a “buy” rating to a “hold” rating and cut their price objective for the company from $120.00 to $94.00 in a report on Monday, March 16th. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. HC Wainwright lifted their price objective on Incyte from $135.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Barclays reiterated an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Finally, Sanford C. Bernstein assumed coverage on Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 target price on the stock. Eight analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Incyte has an average rating of “Hold” and an average target price of $105.10.

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.