Sumitomo Mitsui Trust Holdings Inc. cut its position in Incyte Corp. (NASDAQ:INCY) by 7.4% during the second quarter, Holdings Channel reports. The firm owned 462,998 shares of the biopharmaceutical company’s stock after selling 36,907 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Incyte Corp. were worth $37,031,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in INCY. Seven Eight Capital LLC acquired a new stake in Incyte Corp. during the first quarter worth $113,000. LS Investment Advisors LLC raised its stake in 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 period. Lazard Asset Management LLC acquired a new stake in Incyte Corp. during the first quarter worth $144,000. Douglass Winthrop Advisors LLC acquired a new stake in Incyte Corp. during the second quarter worth $221,000. Finally, Atria Investments LLC acquired a new stake in Incyte Corp. during the second quarter worth $218,000. 92.38% of the stock is owned by institutional investors.
Shares of Incyte Corp. (NASDAQ:INCY) traded down 0.92% on Wednesday, hitting $87.96. The stock had a trading volume of 815,099 shares. Incyte Corp. has a 12 month low of $55.00 and a 12 month high of $124.98. The stock has a market cap of $16.54 billion, a P/E ratio of 239.02 and a beta of 0.54. The firm has a 50 day moving average of $87.09 and a 200 day moving average of $81.92.
Incyte Corp. (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.20. The company had revenue of $208 million for the quarter, compared to analyst estimates of $236.91 million. Incyte Corp. had a return on equity of 37.76% and a net margin of 7.87%. The firm’s revenue was up 51.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 earnings per share. On average, equities analysts forecast that Incyte Corp. will post $0.19 earnings per share for the current fiscal year.
A number of equities analysts have commented on INCY shares. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Incyte Corp. in a report on Wednesday, June 29th. Royal Bank Of Canada started coverage on shares of Incyte Corp. in a report on Tuesday, July 12th. They issued an “outperform” rating and a $105.00 target price for the company. Leerink Swann reiterated a “buy” rating on shares of Incyte Corp. in a report on Monday, July 18th. Zacks Investment Research upgraded shares of Incyte Corp. from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a report on Tuesday, July 19th. Finally, Piper Jaffray Cos. reiterated a “buy” rating and issued a $102.00 target price (up from $76.00) on shares of Incyte Corp. in a report on Monday, August 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $105.03.
In other news, 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 value of $879,600.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 24,204 shares of the business’s stock in a transaction that occurred on Friday, October 7th. The shares were sold at an average price of $97.00, for a total value of $2,347,788.00. Following the completion of the transaction, the executive vice president now directly owns 13,595 shares in the company, valued at approximately $1,318,715. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.
Incyte Corp. Company Profile
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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