Sound Shore Management Inc CT Lowers Position in Incyte Corporation $INCY

Sound Shore Management Inc CT decreased its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 23.7% during the second quarter, Holdings Channel.com reports. The firm owned 1,140,057 shares of the biopharmaceutical company’s stock after selling 354,781 shares during the period. Incyte accounts for about 2.6% 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 $77,638,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of INCY. Banque Transatlantique SA purchased a new stake in Incyte during the first quarter valued at $26,000. FNY Investment Advisers LLC purchased a new stake in Incyte during the second quarter valued at $27,000. Hilltop National Bank purchased a new stake in Incyte during the second quarter valued at $37,000. SVB Wealth LLC purchased a new stake in Incyte during the first quarter valued at $39,000. Finally, Geneos Wealth Management Inc. raised its stake in Incyte by 350.0% during the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 588 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Trading Up 2.7%

NASDAQ INCY opened at $105.70 on Thursday. The company’s 50-day moving average price is $87.43 and its 200-day moving average price is $75.80. The company has a current ratio of 3.20, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The stock has a market cap of $20.75 billion, a PE ratio of 17.71, a PEG ratio of 0.70 and a beta of 0.73. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $106.47.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on INCY shares. Citigroup upped their price target on shares of Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. Barclays increased their target price on shares of Incyte from $90.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. Wall Street Zen raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Wells Fargo & Company increased their target price on shares of Incyte from $89.00 to $97.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. Finally, Royal Bank Of Canada increased their target price on shares of Incyte from $81.00 to $84.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Incyte presently has an average rating of “Hold” and an average price target of $92.77.

Insider Activity at Incyte

In other news, EVP Lee Heeson sold 3,074 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $94.02, for a total value of $289,017.48. Following the transaction, the executive vice president directly owned 29,241 shares in the company, valued at approximately $2,749,238.82. This represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 3,629 shares of company stock valued at $335,714 in the last quarter. Corporate insiders own 17.80% of the company’s stock.

About Incyte

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.