Gateway Investment Advisers LLC reduced its stake in Incyte Co. (NASDAQ:INCY) by 5.2% during the first quarter, HoldingsChannel reports. The fund owned 7,074 shares of the biopharmaceutical company’s stock after selling 390 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Incyte were worth $608,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. CX Institutional lifted its position in Incyte by 1,496.7% during the first quarter. CX Institutional now owns 479 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 449 shares during the last quarter. Bremer Trust National Association purchased a new position in shares of Incyte in the fourth quarter worth $42,000. Bronfman E.L. Rothschild L.P. raised its holdings in shares of Incyte by 46.3% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 730 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 231 shares during the last quarter. Machina Capital S.A.S. purchased a new position in shares of Incyte in the fourth quarter worth $48,000. Finally, Edge Wealth Management LLC purchased a new position in shares of Incyte in the fourth quarter worth $64,000. Institutional investors and hedge funds own 91.59% of the company’s stock.
A number of research firms have issued reports on INCY. Royal Bank of Canada raised their price target on shares of Incyte to $89.00 and gave the stock an “outperform” rating in a report on Friday, February 15th. Stifel Nicolaus began coverage on shares of Incyte in a report on Wednesday, April 10th. They issued a “hold” rating and a $82.00 price target for the company. BidaskClub cut shares of Incyte from a “hold” rating to a “sell” rating in a report on Tuesday. William Blair raised shares of Incyte from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $85.00 to $100.00 in a report on Thursday, January 24th. Finally, Argus raised their price target on shares of Incyte from $83.00 to $98.00 and gave the stock a “buy” rating in a report on Monday, February 25th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $91.19.
Shares of Incyte stock opened at $74.32 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.31 and a quick ratio of 4.29. Incyte Co. has a 1 year low of $57.00 and a 1 year high of $88.83. The firm has a market cap of $16.44 billion, a P/E ratio of 90.63 and a beta of 1.39.
Incyte (NASDAQ:INCY) last issued its earnings results on Thursday, February 14th. The biopharmaceutical company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.15. Incyte had a net margin of 5.82% and a return on equity of 6.17%. The firm had revenue of $528.40 million during the quarter, compared to analysts’ expectations of $485.72 million. During the same quarter last year, the company posted $0.02 earnings per share. The firm’s revenue was up 19.0% compared to the same quarter last year. As a group, equities analysts anticipate that Incyte Co. will post 1.4 earnings per share for the current fiscal year.
In related news, EVP Barry P. Flannelly sold 1,000 shares of the firm’s stock in a transaction on Monday, January 28th. The shares were sold at an average price of $80.00, for a total transaction of $80,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Paula J. Swain sold 10,000 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $86.68, for a total transaction of $866,800.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,000 shares of company stock valued at $2,628,800. 17.10% of the stock is currently owned by corporate insiders.
Incyte Company Profile
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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