Incyte Corporation $INCY Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its position in Incyte Corporation (NASDAQ:INCY) by 8.8% in the 1st quarter, HoldingsChannel reports. The firm owned 915,527 shares of the biopharmaceutical company’s stock after selling 87,913 shares during the quarter. Bank of America Corp DE’s holdings in Incyte were worth $86,169,000 as of its most recent filing with the Securities & Exchange Commission.

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

Incyte Price Performance

INCY opened at $120.56 on Friday. The firm has a fifty day moving average price of $111.78 and a 200 day moving average price of $102.73. Incyte Corporation has a 1 year low of $77.69 and a 1 year high of $132.60. The stock has a market cap of $24.44 billion, a P/E ratio of 15.36, a P/E/G ratio of 3.79 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.57 earnings per share. Equities analysts expect that Incyte Corporation will post 2.64 EPS for the current year.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on INCY. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research note on Wednesday, July 29th. Oppenheimer restated a “market perform” rating and set a $120.00 target price on shares of Incyte in a research report on Tuesday, July 28th. Stifel Nicolaus set a $145.00 price target on shares of Incyte in a report on Tuesday, July 28th. JPMorgan Chase & Co. increased their price target on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $120.40.

Incyte Company 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.