23,678 Shares in Incyte Corporation (NASDAQ:INCY) Acquired by Sovran Advisors LLC

Sovran Advisors LLC purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 23,678 shares of the biopharmaceutical company's stock, valued at approximately $1,378,000.

Several other hedge funds also recently added to or reduced their stakes in INCY. Geode Capital Management LLC lifted its position in shares of Incyte by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company's stock worth $278,346,000 after buying an additional 103,910 shares during the last quarter. AQR Capital Management LLC lifted its position in Incyte by 29.7% in the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock valued at $241,519,000 after acquiring an additional 801,090 shares during the last quarter. LSV Asset Management lifted its position in Incyte by 18.6% in the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company's stock valued at $239,500,000 after acquiring an additional 544,080 shares during the last quarter. Bellevue Group AG boosted its stake in Incyte by 0.3% in the fourth quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock valued at $149,017,000 after acquiring an additional 6,927 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Incyte during the fourth quarter worth about $121,890,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

INCY has been the subject of several research reports. JPMorgan Chase & Co. reduced their target price on Incyte from $70.00 to $68.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and increased their price objective for the company from $75.00 to $107.00 in a report on Monday, June 16th. UBS Group reaffirmed a "neutral" rating and issued a $61.00 target price on shares of Incyte in a report on Tuesday, June 3rd. Finally, William Blair downgraded shares of Incyte from an "outperform" rating to a "market perform" rating in a research report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $74.53.

Incyte Trading Down 3.4%

NASDAQ INCY opened at $68.37 on Monday. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $13.23 billion, a P/E ratio of 213.66, a P/E/G ratio of 0.58 and a beta of 0.67. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $83.95. The firm has a 50-day moving average price of $64.49 and a 200 day moving average price of $66.66.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.15. The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The firm's quarterly revenue was up 19.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 EPS. Equities research analysts expect that Incyte Corporation will post 4.86 EPS for the current year.

About Incyte

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.

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