Daiwa Securities Group Inc. lowered its position in Incyte Corp. (NASDAQ:INCY) by 46.9% during the second quarter, Holdings Channel reports. The fund owned 24,860 shares of the biopharmaceutical company’s stock after selling 21,940 shares during the period. Daiwa Securities Group Inc.’s holdings in Incyte Corp. were worth $1,988,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Seven Eight Capital LLC bought a new stake in shares of Incyte Corp. during the first quarter worth $113,000. Lazard Asset Management LLC bought a new stake in shares of Incyte Corp. during the first quarter worth $144,000. LS Investment Advisors LLC boosted its stake in shares of Incyte Corp. by 32.9% in the second quarter. LS Investment Advisors LLC now owns 1,842 shares of the biopharmaceutical company’s stock worth $147,000 after buying an additional 456 shares during the last quarter. Atria Investments LLC bought a new stake in shares of Incyte Corp. during the second quarter worth $218,000. Finally, Douglass Winthrop Advisors LLC bought a new stake in shares of Incyte Corp. during the second quarter worth $221,000. Institutional investors and hedge funds own 92.32% of the company’s stock.
Incyte Corp. (NASDAQ:INCY) traded down 0.32% during mid-day trading on Friday, hitting $88.98. The stock had a trading volume of 1,339,735 shares. Incyte Corp. has a 1-year low of $55.00 and a 1-year high of $131.33. The company has a 50-day moving average price of $82.15 and a 200 day moving average price of $79.02. The company has a market cap of $16.73 billion, a P/E ratio of 241.79 and a beta of 0.71.
Incyte Corp. (NASDAQ:INCY) last posted its earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.20. Incyte Corp. had a net margin of 7.87% and a return on equity of 37.76%. The company earned $208 million during the quarter, compared to analysts’ expectations of $236.91 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. Incyte Corp.’s quarterly revenue was up 51.1% compared to the same quarter last year. Equities research analysts forecast that Incyte Corp. will post $0.18 EPS for the current fiscal year.
A number of brokerages have recently weighed in on INCY. Barclays PLC increased their price target on Incyte Corp. from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 10th. Piper Jaffray Cos. reissued a “buy” rating and issued a $102.00 price objective (up from $76.00) on shares of Incyte Corp. in a report on Monday, August 1st. SunTrust Banks Inc. initiated coverage on Incyte Corp. in a report on Friday, August 5th. They issued a “buy” rating and a $105.00 price objective for the company. JMP Securities reissued an “outperform” rating and issued a $100.00 price objective on shares of Incyte Corp. in a report on Wednesday, June 15th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $97.00 price objective (up from $91.00) on shares of Incyte Corp. in a report on Tuesday, June 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nineteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $105.93.
In related news, EVP Paula J. Swain sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $90.00, for a total value of $5,400,000.00. Following the completion of the transaction, the executive vice president now owns 89,248 shares in the company, valued at approximately $8,032,320. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Reid M. Huber sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $87.96, for a total transaction of $879,600.00. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by insiders.
About Incyte Corp.
Incyte Corporation is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutics to treat medical needs, primarily in oncology. The Company focuses on the research and development program to explore the inhibition of enzymes called janus associated kinases (JAK).
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