Incyte Corporation $INCY Shares Sold by Amova Asset Management Americas Inc.

Amova Asset Management Americas Inc. trimmed its holdings in Incyte Corporation (NASDAQ:INCY) by 38.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 13,623 shares of the biopharmaceutical company’s stock after selling 8,670 shares during the period. Amova Asset Management Americas Inc.’s holdings in Incyte were worth $1,282,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. NewEdge Advisors LLC lifted its position in Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after acquiring an additional 9,913 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after purchasing an additional 648 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Incyte by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after purchasing an additional 48,751 shares during the last quarter. United Services Automobile Association purchased a new stake in shares of Incyte during the first quarter worth approximately $219,000. Finally, Focus Partners Wealth lifted its holdings in shares of Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after purchasing an additional 8,951 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Trading Up 1.5%

NASDAQ:INCY opened at $117.39 on Wednesday. Incyte Corporation has a 52-week low of $67.20 and a 52-week high of $119.60. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $105.66 and a 200-day simple moving average of $101.29. The company has a market capitalization of $23.45 billion, a PE ratio of 16.58, a price-to-earnings-growth ratio of 1.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period last year, the firm posted $1.16 EPS. On average, equities research analysts expect that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. UBS Group lifted their price objective on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings restated a “buy (b-)” rating on shares of Incyte in a research note on Monday, June 29th. Stifel Nicolaus set a $123.00 target price on shares of Incyte in a research note on Tuesday, June 9th. Barclays lifted their target price on shares of Incyte from $117.00 to $134.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $140.00 price target on shares of Incyte in a research note on Tuesday. Eight investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $109.95.

Key Stories Impacting Incyte

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Halozyme and Incyte announced a global collaboration and license agreement to use ENHANZE technology to evaluate subcutaneous formulations of INCA033989, which could make dosing more convenient and improve the treatment experience. Halozyme Announces Global Collaboration and License Agreement with Incyte to Support the Development of Subcutaneous Formulations of INCA033989 Using its ENHANZE® Technology
• Positive Sentiment: H.C. Wainwright reiterated a Buy rating on INCY and maintained a $140 price target, signaling continued analyst confidence in upside from current levels. Incyte: ENHANZE Licensing Bolsters INCA033989 Outlook as Buy Rating and $140 Price Target Are Reiterated
• Neutral Sentiment: William Blair kept a Hold rating on Incyte, saying the Halozyme deal improves delivery prospects but does not fully offset concerns about dose requirements for INCA033989. Incyte: Halozyme Collaboration Improves INCA033989 Delivery but Dose Requirements Keep Rating at Hold
• Neutral Sentiment: Incyte is also heading into next week’s earnings report with expectations for earnings growth, which may keep investor attention elevated ahead of results. Incyte (INCY) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: Recent insider stock sales by two senior executives could create some caution, even though the activity may also reflect personal profit-taking rather than a change in fundamentals. Top Incyte Executives Quietly Lock In Profits With Fresh Stock Sales

Incyte Company 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.