Incyte Corporation $INCY Shares Sold by Applied Finance Capital Management LLC

Applied Finance Capital Management LLC lessened its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 9.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 126,406 shares of the biopharmaceutical company's stock after selling 13,915 shares during the period. Applied Finance Capital Management LLC owned approximately 0.06% of Incyte worth $11,897,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Elyxium Wealth LLC purchased a new position in Incyte in the fourth quarter valued at $28,000. Smithfield Trust Co grew its position in shares of Incyte by 135.0% in the fourth 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. MUFG Securities EMEA plc purchased a new stake in shares of Incyte during the second quarter worth about $32,000. CYBER HORNET ETFs LLC purchased a new stake in shares of Incyte during the second quarter worth about $33,000. Finally, Leonteq Securities AG acquired a new position in shares of Incyte during the 4th quarter worth about $35,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Performance

INCY opened at $116.71 on Monday. Incyte Corporation has a 52 week low of $67.17 and a 52 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 business has a fifty day simple moving average of $103.20 and a 200-day simple moving average of $100.50. The firm has a market cap of $23.32 billion, a P/E ratio of 16.48, a P/E/G ratio of 1.07 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the firm earned $1.16 earnings per share. The business's revenue for the quarter was up 20.9% compared to the same quarter last year. On average, equities analysts expect that Incyte Corporation will post 6.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on INCY shares. Royal Bank Of Canada raised their price target on shares of Incyte from $95.00 to $99.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Incyte in a research note on Monday, June 29th. Citigroup restated a "market perform" rating on shares of Incyte in a research report on Tuesday, June 2nd. HC Wainwright reaffirmed a "buy" rating and issued a $140.00 target price on shares of Incyte in a research note on Wednesday, June 24th. Finally, UBS Group lifted their price target on Incyte from $103.00 to $113.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Eight investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $108.20.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the firm's stock in a transaction that occurred on 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 owned 262,692 shares of the company's stock, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

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.

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