Incyte Corporation $INCY Stock Position Lowered by Andra AP fonden

Andra AP fonden decreased its position in Incyte Corporation (NASDAQ:INCY) by 34.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 170,948 shares of the biopharmaceutical company’s stock after selling 88,100 shares during the period. Andra AP fonden’s holdings in Incyte were worth $19,379,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC boosted its position in shares of Incyte by 17.5% in the second quarter. Sequoia Financial Advisors LLC now owns 19,250 shares of the biopharmaceutical company’s stock worth $2,182,000 after buying an additional 2,873 shares during the period. Tidal Investments LLC lifted its stake in Incyte by 33.4% in the 2nd quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock worth $11,657,000 after acquiring an additional 25,768 shares in the last quarter. WINTON GROUP Ltd boosted its position in Incyte by 47.0% during the 2nd quarter. WINTON GROUP Ltd now owns 254,408 shares of the biopharmaceutical company’s stock worth $28,840,000 after acquiring an additional 81,376 shares during the period. NewEdge Advisors LLC boosted its position in Incyte by 69.5% during the 2nd quarter. NewEdge Advisors LLC now owns 34,605 shares of the biopharmaceutical company’s stock worth $3,923,000 after acquiring an additional 14,189 shares during the period. Finally, IFP Advisors Inc grew its stake in Incyte by 13.9% during the 2nd quarter. IFP Advisors Inc now owns 6,073 shares of the biopharmaceutical company’s stock valued at $688,000 after acquiring an additional 740 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Stock Performance

Shares of NASDAQ INCY traded up $1.22 during trading hours on Tuesday, hitting $125.87. The stock had a trading volume of 432,966 shares, compared to its average volume of 1,716,643. The company has a market capitalization of $25.51 billion, a P/E ratio of 16.03, a P/E/G ratio of 3.64 and a beta of 0.77. The firm’s 50-day moving average price is $122.71 and its two-hundred day moving average price is $107.73. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60.

Incyte (NASDAQ:INCY) last issued 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. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.57 earnings per share. As a group, analysts expect that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Pablo Cagnoni sold 10,801 shares of the firm’s stock in a transaction on 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 transaction, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the sale, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

INCY has been the subject of a number of research analyst reports. Truist Financial increased their price target on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, June 22nd. Sanford C. Bernstein reiterated a “market perform” rating and issued a $104.00 price objective on shares of Incyte in a research note on Thursday, August 13th. Wall Street Zen upgraded shares of Incyte from a “hold” rating to a “buy” rating in a research report on Saturday, September 12th. Morgan Stanley set a $119.00 target price on shares of Incyte in a research note on Wednesday, July 29th. Finally, Benchmark restated a “buy” rating on shares of Incyte in a report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Incyte has a consensus rating of “Moderate Buy” and a consensus target price of $124.05.

Incyte Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.