Hussman Strategic Advisors Inc. Sells 31,500 Shares of Incyte Corporation $INCY

Hussman Strategic Advisors Inc. cut its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 50.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 31,500 shares of the biopharmaceutical company’s stock after selling 31,500 shares during the period. Hussman Strategic Advisors Inc.’s holdings in Incyte were worth $2,672,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Bank of Nova Scotia grew its position in shares of Incyte by 0.7% in the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after purchasing an additional 124 shares during the period. MAI Capital Management boosted its holdings in shares of Incyte by 19.9% in the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after buying an additional 125 shares during the period. Atlantic Edge Private Wealth Management LLC increased its position in shares of Incyte by 0.9% during the third quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after acquiring an additional 125 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Incyte by 10.1% during the second quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock worth $116,000 after acquiring an additional 156 shares during the period. Finally, E Fund Management Co. Ltd. raised its holdings in shares of Incyte by 0.8% during 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. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of research analyst reports. Oppenheimer lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 8th. Truist Financial set a $103.00 price objective on Incyte in a research report on Wednesday, December 24th. Barclays increased their price objective on Incyte from $101.00 to $115.00 and gave the stock an “overweight” rating in a report on Monday, November 24th. Zacks Research cut Incyte from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Incyte in a research note on Tuesday, January 13th. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and a consensus target price of $100.75.

Incyte Price Performance

NASDAQ:INCY opened at $103.47 on Wednesday. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $112.29. The firm has a market capitalization of $20.31 billion, a price-to-earnings ratio of 17.33, a P/E/G ratio of 0.61 and a beta of 0.82. The stock’s 50 day moving average price is $101.95 and its two-hundred day moving average price is $91.40. The company has a quick ratio of 3.13, a current ratio of 3.20 and a debt-to-equity ratio of 0.01.

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

Insider Transactions at Incyte

In related news, EVP Mohamed Khairie Issa sold 10,856 shares of the company’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total value of $1,184,063.92. Following the transaction, the executive vice president owned 66,132 shares in the company, valued at approximately $7,213,017.24. This represents a 14.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael James Morrissey sold 54,008 shares of the stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the completion of the transaction, the executive vice president directly owned 31,830 shares in the company, valued at approximately $3,096,740.70. This represents a 62.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 98,897 shares of company stock valued at $9,869,376. Corporate insiders own 17.80% of the company’s stock.

About Incyte

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.