Summit Global Investments Lowers Holdings in Incyte Corporation $INCY

Summit Global Investments decreased its position in shares of Incyte Corporation (NASDAQ:INCY) by 9.8% during the first quarter, Holdings Channel.com reports. The institutional investor owned 56,059 shares of the biopharmaceutical company’s stock after selling 6,067 shares during the quarter. Summit Global Investments’ holdings in Incyte were worth $5,276,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in INCY. Norges Bank purchased a new stake in Incyte in the fourth quarter worth about $122,893,000. Caisse de depot et placement du Quebec raised its holdings in shares of Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock valued at $127,046,000 after purchasing an additional 1,087,091 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Incyte by 6,586.4% in the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after purchasing an additional 1,056,451 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Incyte by 3,406.8% in the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after purchasing an additional 718,294 shares during the period. Finally, SEB Asset Management AB bought a new position in shares of Incyte during the first quarter valued at approximately $60,817,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

INCY has been the subject of a number of analyst reports. Barclays upped their target price on Incyte from $117.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. TD Cowen restated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Royal Bank Of Canada raised their price objective on Incyte from $95.00 to $99.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 7th. Sanford C. Bernstein initiated coverage on Incyte in a research note on Thursday, May 21st. They issued a “market perform” rating and a $99.00 target price on the stock. Finally, Citigroup reiterated a “market perform” rating on shares of Incyte in a report on Wednesday, July 15th. Eight research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $109.95.

Incyte Stock Performance

Shares of INCY stock opened at $115.65 on Tuesday. The business’s fifty day simple moving average is $105.29 and its 200-day simple moving average is $101.16. The company has a market cap of $23.10 billion, a PE ratio of 16.33, a PEG ratio of 1.06 and a beta of 0.76. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12-month low of $67.17 and a 12-month high of $119.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.43. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.16 earnings per share. Analysts expect that Incyte Corporation will post 6.61 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.