Granite Point Capital Management L.P. cut its stake in Incyte Corporation (NASDAQ:INCY) by 13.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,500 shares of the biopharmaceutical company’s stock after selling 2,000 shares during the quarter. Granite Point Capital Management L.P.’s holdings in Incyte Corporation were worth $1,574,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in INCY. D. Scott Neal Inc. purchased a new position in shares of Incyte Corporation in the second quarter valued at $103,000. Tower Research Capital LLC TRC purchased a new position in Incyte Corporation during the first quarter worth about $105,000. Cornerstone Advisors Inc. grew its position in Incyte Corporation by 19.6% during the second quarter. Cornerstone Advisors Inc. now owns 884 shares of the biopharmaceutical company’s stock worth $111,000 after buying an additional 145 shares in the last quarter. Exane Asset Management purchased a new position in Incyte Corporation during the second quarter worth about $126,000. Finally, Seven Eight Capital LP purchased a new position in Incyte Corporation during the second quarter worth about $129,000. Institutional investors own 91.06% of the company’s stock.
In related news, Director Bros. Advisors Lp Baker purchased 100,000 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was bought at an average price of $132.00 per share, for a total transaction of $13,200,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Steven H. Stein sold 9,883 shares of Incyte Corporation stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $125.00, for a total value of $1,235,375.00. Following the completion of the transaction, the executive vice president now owns 18,518 shares of the company’s stock, valued at approximately $2,314,750. The disclosure for this sale can be found here. In the last quarter, insiders sold 53,538 shares of company stock valued at $7,118,269. 17.70% of the stock is currently owned by company insiders.
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Several equities analysts recently commented on INCY shares. Jefferies Group LLC restated a “buy” rating and set a $148.00 target price on shares of Incyte Corporation in a research report on Thursday, May 18th. Morgan Stanley restated an “overweight” rating and set a $142.00 target price on shares of Incyte Corporation in a research report on Friday, May 19th. J P Morgan Chase & Co set a $149.00 target price on Incyte Corporation and gave the stock a “buy” rating in a research report on Thursday, May 18th. Oppenheimer Holdings, Inc. set a $125.00 target price on Incyte Corporation and gave the stock a “hold” rating in a research report on Thursday, May 18th. Finally, Zacks Investment Research upgraded Incyte Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, May 23rd. Seven investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Incyte Corporation presently has a consensus rating of “Buy” and a consensus target price of $143.07.
Incyte Corporation (INCY) traded down 0.06% during midday trading on Wednesday, hitting $123.07. The stock had a trading volume of 617,567 shares. The company’s market capitalization is $25.32 billion. The stock’s 50-day moving average is $129.00 and its 200-day moving average is $130.50. Incyte Corporation has a 1-year low of $77.58 and a 1-year high of $153.15.
Incyte Corporation (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.01). The company had revenue of $326.40 million during the quarter, compared to analysts’ expectations of $318.45 million. Incyte Corporation had a negative return on equity of 21.57% and a negative net margin of 11.77%. The company’s revenue was up 32.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.18 EPS. Equities research analysts forecast that Incyte Corporation will post ($0.84) EPS for the current year.
Incyte Corporation Company Profile
Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).
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