UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in Incyte Corporation (NASDAQ:INCY – Free Report) by 2.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,508,720 shares of the biopharmaceutical company’s stock after selling 32,193 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Incyte were worth $171,028,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Fiduciary Financial Advisors acquired a new stake in Incyte in the second quarter valued at $26,000. Elyxium Wealth LLC bought a new stake in shares of Incyte in the 4th quarter worth about $28,000. Smithfield Trust Co raised its stake in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Incyte in the 4th quarter valued at about $35,000. Finally, Atlas Capital Advisors Inc. bought a new position in shares of Incyte during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on INCY shares. Morgan Stanley set a $119.00 price target on Incyte in a research note on Wednesday, July 29th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $104.00 target price on shares of Incyte in a report on Thursday, August 13th. TD Cowen upgraded Incyte to a “strong-buy” rating in a research report on Monday, August 24th. HC Wainwright reiterated a “buy” rating and issued a $150.00 price target on shares of Incyte in a report on Thursday, August 20th. Finally, Benchmark reissued a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $123.10.
Insider Activity at Incyte
In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the transaction, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.
Incyte Stock Up 1.5%
Shares of NASDAQ INCY opened at $125.01 on Wednesday. The stock has a market cap of $25.34 billion, a P/E ratio of 15.92, a P/E/G ratio of 3.87 and a beta of 0.77. The firm’s 50-day simple moving average is $119.79 and its 200 day simple moving average is $105.33. Incyte Corporation has a fifty-two week low of $81.09 and a fifty-two week high of $132.60.
Incyte (NASDAQ:INCY – Get Free Report) last released its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte’s quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the company earned $1.57 EPS. On average, sell-side analysts anticipate that Incyte Corporation will post 2.64 earnings per share 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.
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