Incyte Corporation $INCY Shares Acquired by Cim Investment Management Inc.

Cim Investment Management Inc. lifted its position in Incyte Corporation (NASDAQ:INCY) by 99.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,065 shares of the biopharmaceutical company’s stock after acquiring an additional 6,022 shares during the period. Cim Investment Management Inc.’s holdings in Incyte were worth $827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in INCY. Advisory Services Network LLC raised its stake in shares of Incyte by 11.0% in the second quarter. Advisory Services Network LLC now owns 48,271 shares of the biopharmaceutical company’s stock worth $3,615,000 after purchasing an additional 4,784 shares during the last quarter. CYBER HORNET ETFs LLC purchased a new position in Incyte during the 2nd quarter worth approximately $33,000. CANADA LIFE ASSURANCE Co lifted its stake in Incyte by 3.2% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 129,424 shares of the biopharmaceutical company’s stock valued at $8,827,000 after acquiring an additional 4,008 shares during the period. MUFG Securities EMEA plc purchased a new stake in shares of Incyte in the 2nd quarter valued at $32,000. Finally, E Fund Management Co. Ltd. increased its stake in shares of Incyte by 0.8% in the second quarter. E Fund Management Co. Ltd. now owns 19,912 shares of the biopharmaceutical company’s stock worth $1,356,000 after acquiring an additional 158 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Down 0.7%

Incyte stock opened at $95.41 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. The stock has a market capitalization of $18.73 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 0.65 and a beta of 0.81. The business has a 50 day simple moving average of $96.92 and a 200-day simple moving average of $83.58. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $109.28.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, topping the consensus estimate of $1.65 by $0.61. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The firm’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 EPS. On average, analysts anticipate that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on INCY. Bank of America upped their price target on shares of Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a report on Thursday, September 4th. Truist Financial restated a “hold” rating and issued a $93.00 target price (up previously from $79.00) on shares of Incyte in a research note on Wednesday, October 29th. Morgan Stanley lifted their price target on Incyte from $86.00 to $92.00 and gave the company an “equal weight” rating in a research report on Monday, December 8th. Guggenheim upgraded Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research report on Monday, November 3rd. Finally, Royal Bank Of Canada lifted their target price on shares of Incyte from $81.00 to $84.00 and gave the company a “sector perform” rating in a report on Wednesday, October 29th. Eight equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Incyte presently has an average rating of “Hold” and an average price target of $99.07.

Insider Buying and Selling

In other news, EVP Steven H. Stein sold 20,105 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $102.51, for a total value of $2,060,963.55. Following the transaction, the executive vice president owned 63,129 shares in the company, valued at $6,471,353.79. This trade represents a 24.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Sheila A. Denton sold 598 shares of Incyte stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total value of $60,613.28. Following the completion of the sale, the executive vice president directly owned 26,569 shares in the company, valued at $2,693,033.84. This represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 26,891 shares of company stock worth $2,720,766. Insiders own 17.80% of the company’s stock.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.