Sound Shore Management Inc. CT Has $91.84 Million Stake in Incyte Corporation $INCY

Sound Shore Management Inc. CT boosted its stake in Incyte Corporation (NASDAQ:INCY) by 9.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 929,832 shares of the biopharmaceutical company’s stock after purchasing an additional 79,976 shares during the period. Incyte comprises approximately 2.9% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 14th biggest position. Sound Shore Management Inc. CT owned approximately 0.47% of Incyte worth $91,840,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of INCY. Elyxium Wealth LLC bought a new stake in Incyte during the fourth quarter valued at $28,000. Smithfield Trust Co boosted its position in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares during the last quarter. MUFG Securities EMEA plc bought a new stake in Incyte during the second quarter valued at $32,000. CYBER HORNET ETFs LLC bought a new stake in Incyte during the second quarter valued at $33,000. Finally, Leonteq Securities AG bought a new stake in Incyte during the fourth quarter valued at $35,000. Institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Wall Street Analyst Weigh In

INCY has been the topic of a number of research analyst reports. Jefferies Financial Group cut shares of Incyte from a “buy” rating to a “hold” rating and cut their price target for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Stifel Nicolaus upped their price target on shares of Incyte from $120.00 to $123.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Oppenheimer upped their price target on shares of Incyte from $84.00 to $90.00 and gave the company a “market perform” rating in a research report on Wednesday, April 29th. Sanford C. Bernstein initiated coverage on shares of Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target on the stock. Finally, Weiss Ratings raised shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $104.00.

Incyte Price Performance

Shares of INCY opened at $97.98 on Thursday. Incyte Corporation has a 12-month low of $66.30 and a 12-month high of $112.29. The business’s fifty day moving average is $96.07 and its 200 day moving average is $99.09. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The stock has a market cap of $19.57 billion, a P/E ratio of 13.84, a P/E/G ratio of 0.88 and a beta of 0.79.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the firm earned $1.16 EPS. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. Sell-side analysts anticipate that Incyte Corporation will post 6.74 earnings per share for the current fiscal year.

About Incyte

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.