Summit Global Investments Decreases Holdings in Incyte Corporation $INCY

Summit Global Investments decreased its holdings in Incyte Corporation (NASDAQ:INCY – Free Report) by 9.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,059 shares of the biopharmaceutical company’s stock after selling 6,067 shares during the period. Summit Global Investments’ holdings in Incyte were worth $5,276,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INCY. NewEdge Advisors LLC boosted its holdings in shares of Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after purchasing an additional 9,913 shares during the period. Jones Financial Companies Lllp raised its holdings in Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after buying an additional 648 shares during the period. Goldman Sachs Group Inc. raised its holdings in Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after buying an additional 48,751 shares during the period. United Services Automobile Association bought a new stake in Incyte in the first quarter worth $219,000. Finally, Focus Partners Wealth lifted its position in Incyte by 74.1% in the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after buying an additional 8,951 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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Incyte Stock Performance

INCY stock opened at $115.65 on Tuesday. Incyte Corporation has a twelve month low of $67.17 and a twelve month high of $119.60. The firm has a market cap of $23.10 billion, a price-to-earnings ratio of 16.33, a PEG ratio of 1.06 and a beta of 0.76. The business’s fifty day simple moving average is $105.29 and its two-hundred day simple moving average is $101.16. 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 (NASDAQ:INCY – Get Free Report) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business’s revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.16 earnings per share. Analysts predict that Incyte Corporation will post 6.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Barclays boosted their price objective on shares of Incyte from $117.00 to $134.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. BMO Capital Markets raised their target price on shares of Incyte from $94.00 to $112.00 and gave the stock a “market perform” rating in a report on Monday, July 13th. Sanford C. Bernstein initiated coverage on shares of Incyte in a research note on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target for the company. UBS Group upped their price target on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Finally, Oppenheimer reissued a “market perform” rating and issued a $107.00 price objective on shares of Incyte in a research report on Monday, June 8th. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $109.95.

Read Our Latest Research Report on Incyte

About Incyte

(Free Report)

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.

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