Shikiar Asset Management Inc. cut its position in shares of Incyte Co. (NASDAQ:INCY – Get Rating) by 9.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,000 shares of the biopharmaceutical company's stock after selling 875 shares during the quarter. Shikiar Asset Management Inc.'s holdings in Incyte were worth $608,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Newfound Research LLC acquired a new stake in Incyte during the second quarter worth about $67,000. Carnegie Capital Asset Management LLC acquired a new stake in shares of Incyte in the second quarter valued at about $223,000. Contravisory Investment Management Inc. acquired a new stake in shares of Incyte in the second quarter valued at about $456,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Incyte by 52.3% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 19,237 shares of the biopharmaceutical company's stock valued at $1,461,000 after buying an additional 6,604 shares in the last quarter. Finally, AustralianSuper Pty Ltd grew its stake in shares of Incyte by 23.2% in the second quarter. AustralianSuper Pty Ltd now owns 484,153 shares of the biopharmaceutical company's stock valued at $36,781,000 after buying an additional 91,090 shares in the last quarter. 94.74% of the stock is currently owned by institutional investors and hedge funds.
Get Incyte alerts:Insider Activity at Incyte
In related news, insider Thomas Tray sold 1,564 shares of the firm's stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $83.13, for a total value of $130,015.32. Following the sale, the insider now directly owns 17,702 shares in the company, valued at approximately $1,471,567.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Incyte news, EVP Vijay K. Iyengar sold 5,787 shares of the company's stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $79.38, for a total value of $459,372.06. Following the completion of the sale, the executive vice president now directly owns 40,313 shares of the company's stock, valued at approximately $3,200,045.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas Tray sold 1,564 shares of the company's stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $83.13, for a total transaction of $130,015.32. Following the completion of the sale, the insider now directly owns 17,702 shares of the company's stock, valued at $1,471,567.26. The disclosure for this sale can be found here. 17.50% of the stock is owned by insiders.
Incyte Stock Performance
INCY traded down $0.52 during trading hours on Friday, hitting $66.89. The company's stock had a trading volume of 1,311,579 shares, compared to its average volume of 1,252,874. Incyte Co. has a fifty-two week low of $61.91 and a fifty-two week high of $84.86. The company has a current ratio of 3.91, a quick ratio of 3.85 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $14.88 billion, a PE ratio of 15.74, a PEG ratio of 1.09 and a beta of 0.66. The company has a 50-day simple moving average of $73.33 and a 200 day simple moving average of $75.35.Incyte (NASDAQ:INCY – Get Rating) last posted its earnings results on Tuesday, August 2nd. The biopharmaceutical company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.61 by $0.24. Incyte had a return on equity of 13.02% and a net margin of 28.46%. The firm had revenue of $911.40 million for the quarter, compared to analysts' expectations of $818.25 million. During the same period last year, the firm earned $0.65 EPS. The firm's revenue was up 29.1% compared to the same quarter last year. As a group, sell-side analysts expect that Incyte Co. will post 2.45 EPS for the current year.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the company. Oppenheimer reduced their price target on Incyte from $109.00 to $98.00 in a report on Wednesday, August 3rd. Evercore ISI downgraded Incyte to an "in-line" rating in a report on Thursday. Morgan Stanley reduced their target price on Incyte from $77.00 to $76.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 3rd. TheStreet downgraded Incyte from a "b" rating to a "c+" rating in a report on Monday, August 22nd. Finally, StockNews.com raised Incyte from a "buy" rating to a "strong-buy" rating in a report on Tuesday, August 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Incyte currently has a consensus rating of "Hold" and a consensus target price of $84.92.
About Incyte
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Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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