Tobam Reduces Holdings in Incyte Corporation $INCY

Tobam trimmed its stake in shares of Incyte Corporation (NASDAQ:INCY) by 76.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 3,319 shares of the biopharmaceutical company’s stock after selling 10,515 shares during the quarter. Tobam’s holdings in Incyte were worth $328,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. AustralianSuper Pty Ltd bought a new stake in Incyte during the 3rd quarter valued at $18,085,000. Nordea Investment Management AB grew its holdings in Incyte by 941.8% in the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after acquiring an additional 291,293 shares during the last quarter. Toth Financial Advisory Corp bought a new stake in Incyte in the 4th quarter worth $1,213,000. Fairvoy Private Wealth LLC increased its position in shares of Incyte by 468.8% in the fourth quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock valued at $2,980,000 after acquiring an additional 24,865 shares during the period. Finally, Citigroup Inc. increased its position in shares of Incyte by 187.1% in the third quarter. Citigroup Inc. now owns 560,028 shares of the biopharmaceutical company’s stock valued at $47,496,000 after acquiring an additional 364,946 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the sale, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Sanford C. Bernstein began coverage on shares of Incyte in a report on Thursday, May 21st. They set a “market perform” rating and a $99.00 target price for the company. TD Cowen restated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. UBS Group lowered their price target on Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a research report on Wednesday, March 25th. Barclays reiterated an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Finally, BMO Capital Markets reiterated an “underperform” rating on shares of Incyte in a research report on Monday, June 15th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Incyte currently has an average rating of “Hold” and an average price target of $105.10.

Incyte Price Performance

Shares of NASDAQ INCY opened at $98.22 on Friday. The firm has a fifty day simple moving average of $98.19 and a two-hundred day simple moving average of $98.97. Incyte Corporation has a 12 month low of $66.74 and a 12 month high of $112.29. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $19.62 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 0.95 and a beta of 0.79.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. Equities analysts expect that Incyte Corporation will post 6.66 earnings per share for the current year.

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.