The Manufacturers Life Insurance Company Sells 30,324 Shares of Incyte Corporation $INCY

The Manufacturers Life Insurance Company trimmed its position in Incyte Corporation (NASDAQ:INCY) by 19.5% in the 1st quarter, Holdings Channel.com reports. The fund owned 125,481 shares of the biopharmaceutical company’s stock after selling 30,324 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Incyte were worth $11,810,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quantinno Capital Management LP lifted its holdings in shares of Incyte by 28.8% during the 1st quarter. Quantinno Capital Management LP now owns 158,226 shares of the biopharmaceutical company’s stock valued at $14,892,000 after purchasing an additional 35,423 shares during the last quarter. Lazard Asset Management LLC grew its stake in Incyte by 14.2% during the 1st quarter. Lazard Asset Management LLC now owns 219,881 shares of the biopharmaceutical company’s stock worth $20,695,000 after buying an additional 27,287 shares during the last quarter. OMERS ADMINISTRATION Corp grew its stake in Incyte by 40.8% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 41,083 shares of the biopharmaceutical company’s stock worth $3,867,000 after buying an additional 11,896 shares during the last quarter. Waverly Advisors LLC increased its position in Incyte by 5.4% during the 1st quarter. Waverly Advisors LLC now owns 8,242 shares of the biopharmaceutical company’s stock valued at $776,000 after buying an additional 419 shares in the last quarter. Finally, Entropy Technologies LP increased its position in Incyte by 29.6% during the 1st quarter. Entropy Technologies LP now owns 26,077 shares of the biopharmaceutical company’s stock valued at $2,454,000 after buying an additional 5,961 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Sanford C. Bernstein assumed coverage on shares of Incyte in a report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price objective on the stock. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. BMO Capital Markets lifted their target price on shares of Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. Finally, Morgan Stanley set a $119.00 target price on shares of Incyte in a research report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $117.74.

Incyte Price Performance

Incyte stock opened at $119.52 on Monday. Incyte Corporation has a 52 week low of $73.81 and a 52 week high of $132.60. The company has a market capitalization of $24.23 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 3.96 and a beta of 0.76. The stock has a 50-day moving average price of $109.54 and a 200 day moving average price of $102.21.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the firm earned $1.57 earnings per share. Incyte’s revenue for the quarter was up 37.7% on a year-over-year basis. Research analysts anticipate that Incyte Corporation will post 2.5 EPS for the current fiscal year.

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.