Stevens Capital Management LP Sells 6,645 Shares of Incyte Corporation $INCY

Stevens Capital Management LP lessened its stake in Incyte Corporation (NASDAQ:INCY) by 59.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,447 shares of the biopharmaceutical company’s stock after selling 6,645 shares during the period. Stevens Capital Management LP’s holdings in Incyte were worth $377,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC lifted its position in shares of Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after acquiring an additional 9,913 shares during the period. Jones Financial Companies Lllp lifted its position in Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after purchasing an additional 648 shares during the period. Goldman Sachs Group Inc. lifted its position in Incyte by 6.4% in the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after purchasing an additional 48,751 shares during the period. United Services Automobile Association acquired a new stake in Incyte during the first quarter worth $219,000. Finally, Focus Partners Wealth increased its holdings in Incyte by 74.1% in the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after buying an additional 8,951 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Stifel Nicolaus raised their price objective on shares of Incyte from $119.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Piper Sandler increased their price target on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Royal Bank Of Canada cut their price target on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 11th. Morgan Stanley set a $102.00 price objective on Incyte in a research note on Wednesday, February 11th. Finally, Guggenheim upgraded Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research report on Monday, November 3rd. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Incyte currently has an average rating of “Hold” and an average price target of $104.00.

Incyte Stock Performance

NASDAQ:INCY opened at $101.32 on Friday. The stock has a market capitalization of $20.16 billion, a P/E ratio of 15.81, a price-to-earnings-growth ratio of 0.81 and a beta of 0.82. The company has a current ratio of 3.32, a quick ratio of 3.25 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $112.29. The firm has a 50 day moving average of $102.32 and a 200-day moving average of $95.06.

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

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 2,774 shares of the firm’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $100.00, for a total value of $277,400.00. Following the completion of the sale, the insider owned 22,973 shares in the company, valued at approximately $2,297,300. This trade represents a 10.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the transaction, the executive vice president owned 66,132 shares in the company, valued at $7,213,017.24. The trade was a 14.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 95,225 shares of company stock valued at $9,519,745. 17.80% of the stock is owned by corporate insiders.

About Incyte

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.