Todd Asset Management LLC Cuts Stock Position in Incyte Corporation $INCY

Todd Asset Management LLC lowered its position in Incyte Corporation (NASDAQ:INCY) by 17.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 283,463 shares of the biopharmaceutical company’s stock after selling 61,560 shares during the quarter. Todd Asset Management LLC’s holdings in Incyte were worth $27,998,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Root Financial Partners LLC purchased a new position in shares of Incyte in the 3rd quarter worth approximately $28,000. Elyxium Wealth LLC purchased a new position in shares of Incyte in the 4th quarter worth approximately $28,000. MUFG Securities EMEA plc purchased a new position in shares of Incyte in the 2nd quarter worth approximately $32,000. CYBER HORNET ETFs LLC purchased a new position in shares of Incyte in the 2nd quarter worth approximately $33,000. Finally, Leonteq Securities AG purchased a new position in shares of Incyte in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on INCY shares. Wells Fargo & Company lowered their target price on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 11th. Morgan Stanley set a $102.00 target price on shares of Incyte in a research note on Wednesday, February 11th. Barclays reiterated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. HC Wainwright reiterated a “buy” rating and issued a $135.00 target price on shares of Incyte in a research note on Thursday. Finally, Citigroup reiterated a “buy” rating on shares of Incyte in a research note on Thursday. Ten equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $104.00.

Incyte Price Performance

INCY stock opened at $97.16 on Monday. The firm has a 50 day moving average of $95.41 and a 200 day moving average of $99.62. The stock has a market capitalization of $19.41 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 0.93 and a beta of 0.79. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 52 week low of $63.51 and a 52 week high of $112.29.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period last year, the business earned $1.16 EPS. Incyte’s revenue for the quarter was up 20.9% on a year-over-year basis. Sell-side analysts forecast that Incyte Corporation will post 6.74 earnings per share for the current year.

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company 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.