Tobam Sells 10,515 Shares of Incyte Corporation $INCY

Tobam lowered its position in Incyte Corporation (NASDAQ:INCY) by 76.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 3,319 shares of the biopharmaceutical company’s stock after selling 10,515 shares during the quarter. Tobam’s holdings in Incyte were worth $328,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in INCY. Elyxium Wealth LLC bought a new position in Incyte during the fourth quarter worth about $28,000. Smithfield Trust Co raised its stake in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Incyte during the fourth quarter valued at about $35,000. Atlas Capital Advisors Inc. purchased a new position in Incyte during the fourth quarter valued at approximately $35,000. Finally, Leonteq Securities AG purchased a new position in Incyte during the fourth quarter valued at approximately $35,000. 96.97% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 Analysts Forecast Growth

INCY has been the topic of several recent analyst reports. Oppenheimer reiterated a “market perform” rating and issued a $107.00 target price on shares of Incyte in a research note on Monday, June 8th. Citigroup reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Jefferies Financial Group downgraded Incyte from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. BMO Capital Markets reissued an “underperform” rating on shares of Incyte in a research note on Monday, June 15th. Finally, Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Eight investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $105.10.

Incyte Price Performance

Shares of INCY opened at $98.22 on Friday. The firm has a market cap of $19.62 billion, a P/E ratio of 13.87, a P/E/G ratio of 0.95 and a beta of 0.79. The stock has a 50 day simple moving average of $98.19 and a two-hundred day simple moving average of $98.97. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. Incyte Corporation has a 1 year low of $66.74 and a 1 year high of $112.29.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business’s quarterly revenue was up 20.9% on a year-over-year basis. During the same period last year, the business earned $1.16 earnings per share. On average, analysts forecast that Incyte Corporation will post 6.66 earnings per share for the current fiscal year.

Incyte 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.