Applied Finance Capital Management LLC Reduces Stake in Incyte Corporation $INCY

Applied Finance Capital Management LLC lowered its stake in shares of Incyte Corporation (NASDAQ:INCY) by 9.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 126,406 shares of the biopharmaceutical company’s stock after selling 13,915 shares during the quarter. Applied Finance Capital Management LLC’s holdings in Incyte were worth $11,897,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Elyxium Wealth LLC purchased a new stake in Incyte in the fourth quarter valued at approximately $28,000. Smithfield Trust Co lifted its holdings in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 162 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Incyte during the fourth quarter worth about $35,000. Atlas Capital Advisors Inc. purchased a new stake in Incyte in the 4th quarter valued at approximately $35,000. Finally, Leonteq Securities AG acquired a new position in Incyte during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on INCY. Stifel Nicolaus set a $123.00 price target on Incyte in a report on Tuesday, June 9th. Citigroup restated a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Oppenheimer reiterated a “market perform” rating and set a $107.00 price objective on shares of Incyte in a report on Monday, June 8th. Truist Financial upped their price target on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, June 22nd. Finally, Sanford C. Bernstein began coverage on shares of Incyte in a research note on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target on the stock. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $108.20.

Incyte Price Performance

NASDAQ INCY opened at $116.71 on Monday. The business has a 50 day moving average price of $103.20 and a two-hundred day moving average price of $100.50. Incyte Corporation has a fifty-two week low of $67.17 and a fifty-two week high of $118.97. 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 market cap of $23.32 billion, a PE ratio of 16.48, a P/E/G ratio of 1.07 and a beta of 0.76.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.43. The firm had revenue of $1.27 billion for 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 quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.16 EPS. As a group, sell-side analysts predict that Incyte Corporation will post 6.61 EPS for the current fiscal year.

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.