Van ECK Associates Corp Sells 16,814 Shares of Incyte Corporation $INCY

Van ECK Associates Corp reduced its stake in shares of Incyte Corporation (NASDAQ:INCY) by 14.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,973 shares of the biopharmaceutical company’s stock after selling 16,814 shares during the period. Van ECK Associates Corp owned 0.05% of Incyte worth $11,673,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of INCY. Jacobi Capital Management LLC lifted its position in Incyte by 0.9% during the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after acquiring an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Incyte by 0.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after acquiring an additional 100 shares during the period. Smartleaf Asset Management LLC boosted its stake in Incyte by 7.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after buying an additional 113 shares in the last quarter. Bank of Nova Scotia boosted its position in shares of Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after acquiring an additional 124 shares in the last quarter. Finally, Perbak Capital Partners LLP grew its stake in shares of Incyte by 2.5% in the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock valued at $449,000 after purchasing an additional 129 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Down 0.9%

NASDAQ INCY opened at $123.22 on Tuesday. Incyte Corporation has a 12-month low of $81.09 and a 12-month high of $132.60. The firm’s 50 day moving average is $119.38 and its 200-day moving average is $105.15. The company has a market capitalization of $24.98 billion, a PE ratio of 15.70, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the company earned $1.57 EPS. Incyte’s revenue for the quarter was up 37.7% compared to the same quarter last year. As a group, sell-side analysts expect that Incyte Corporation will post 2.64 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction on 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 sale, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on INCY shares. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $104.00 target price on shares of Incyte in a report on Thursday, August 13th. Benchmark restated a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. Barclays increased their price objective on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Wall Street Zen upgraded Incyte from a “hold” rating to a “buy” rating in a report on Saturday. Finally, HC Wainwright reissued a “buy” rating and issued a $150.00 price target on shares of Incyte in a report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $123.10.

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.