Panagora Asset Management Inc. Sells 486,257 Shares of Incyte Corporation $INCY

Panagora Asset Management Inc. reduced its position in Incyte Corporation (NASDAQ:INCY) by 32.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 992,115 shares of the biopharmaceutical company’s stock after selling 486,257 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.50% of Incyte worth $97,991,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INCY. Elyxium Wealth LLC bought a new position in Incyte in the fourth quarter worth $28,000. Smithfield Trust Co raised its stake in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 162 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in Incyte during the second quarter worth $32,000. CYBER HORNET ETFs LLC acquired a new position in Incyte during the second quarter worth $33,000. Finally, Leonteq Securities AG acquired a new position in Incyte during the fourth quarter worth $35,000. 96.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on INCY. Barclays reiterated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. TD Cowen reiterated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Oppenheimer reiterated a “market perform” rating and set a $107.00 price objective on shares of Incyte in a research note on Monday, June 8th. HC Wainwright increased their price objective on Incyte from $135.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Finally, Stifel Nicolaus set a $123.00 price objective on Incyte in a research note on Tuesday, June 9th. Eight research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $105.10.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $108.53 on Monday. Incyte Corporation has a twelve month low of $66.74 and a twelve month high of $112.29. The firm has a market cap of $21.68 billion, a PE ratio of 15.33, a price-to-earnings-growth ratio of 1.06 and a beta of 0.79. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The business has a fifty day moving average of $97.78 and a 200-day moving average of $99.13.

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. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period last year, the company posted $1.16 earnings per share. On average, equities research analysts predict that Incyte Corporation will post 6.64 EPS for the current fiscal year.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

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.