Zurcher Kantonalbank Zurich Cantonalbank Sells 200,019 Shares of Incyte Co. (NASDAQ:INCY)

Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in shares of Incyte Co. (NASDAQ:INCY) by 61.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 123,283 shares of the biopharmaceutical company’s stock after selling 200,019 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Incyte were worth $7,473,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Cambiar Investors LLC lifted its holdings in Incyte by 6.5% during the 2nd quarter. Cambiar Investors LLC now owns 157,661 shares of the biopharmaceutical company’s stock worth $9,557,000 after purchasing an additional 9,665 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Incyte by 122.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after purchasing an additional 490,680 shares during the last quarter. Catalyst Financial Partners LLC acquired a new stake in Incyte during the 2nd quarter worth approximately $442,000. JB Capital LLC lifted its holdings in Incyte by 2.6% during the 2nd quarter. JB Capital LLC now owns 45,478 shares of the biopharmaceutical company’s stock worth $2,757,000 after purchasing an additional 1,159 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in Incyte by 4.1% during the 2nd quarter. New York State Teachers Retirement System now owns 211,984 shares of the biopharmaceutical company’s stock worth $12,850,000 after purchasing an additional 8,335 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the subject of several research reports. Royal Bank of Canada lifted their price target on Incyte from $66.00 to $67.00 and gave the stock a “sector perform” rating in a report on Thursday, August 15th. StockNews.com cut Incyte from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. Citigroup lifted their price objective on Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price objective on Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $73.29.

Incyte Price Performance

INCY stock traded down $0.62 during midday trading on Friday, reaching $65.29. 343,020 shares of the stock were exchanged, compared to its average volume of 2,457,188. The stock has a market capitalization of $14.66 billion, a PE ratio of 19.75, a P/E/G ratio of 1.14 and a beta of 0.73. Incyte Co. has a 52 week low of $50.27 and a 52 week high of $70.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 3.43. The company has a fifty day moving average price of $63.09 and a 200 day moving average price of $59.17.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the firm earned $0.77 EPS. The company’s revenue was up 9.3% on a year-over-year basis. As a group, analysts expect that Incyte Co. will post 3.35 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the sale, the executive vice president now owns 36,701 shares in the company, valued at approximately $2,569,070. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the transaction, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at $3,725,715.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,282 shares of company stock worth $2,876,911. Insiders own 17.50% of the company’s stock.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.