Intech Investment Management LLC Reduces Position in Incyte Corporation $INCY

Intech Investment Management LLC reduced its position in shares of Incyte Corporation (NASDAQ:INCY) by 27.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,453 shares of the biopharmaceutical company’s stock after selling 19,326 shares during the period. Intech Investment Management LLC’s holdings in Incyte were worth $4,279,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of INCY. NewEdge Advisors LLC lifted its holdings in Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after purchasing an additional 648 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Incyte by 6.4% in the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after purchasing an additional 48,751 shares in the last quarter. United Services Automobile Association purchased a new position in Incyte in the first quarter valued at approximately $219,000. Finally, Focus Partners Wealth raised its holdings in Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after purchasing an additional 8,951 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on INCY shares. Guggenheim upgraded shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a report on Monday, November 3rd. Stifel Nicolaus upped their price objective on shares of Incyte from $119.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Incyte in a report on Thursday, January 22nd. The Goldman Sachs Group reiterated a “neutral” rating and set a $90.00 target price on shares of Incyte in a research report on Thursday, January 8th. Finally, Piper Sandler upped their target price on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.00.

Insiders Place Their Bets

In related news, EVP Michael James Morrissey sold 4,323 shares of Incyte stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total value of $420,454.98. Following the sale, the executive vice president directly owned 27,507 shares in the company, valued at $2,675,330.82. The trade was a 13.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the company’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the transaction, the executive vice president directly owned 66,132 shares in the company, valued at $7,213,017.24. This represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 92,666 shares of company stock worth $9,256,271 over the last quarter. 17.80% of the stock is owned by company insiders.

Incyte Stock Up 1.2%

Shares of Incyte stock opened at $101.27 on Monday. Incyte Corporation has a one year low of $53.56 and a one year high of $112.29. The company has a market cap of $20.15 billion, a P/E ratio of 15.80, a PEG ratio of 0.80 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. The firm has a fifty day moving average of $102.52 and a two-hundred day moving average of $95.89.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.The company’s revenue was up 27.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.43 earnings per share. On average, analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current year.

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.