Incyte Corporation $INCY Stake Decreased by Armistice Capital LLC

Key Points

• Armistice Capital reduced its Incyte stake by 5.9% in the fourth quarter, selling 69,329 shares and leaving it with 1,098,102 shares valued at about $108.5 million.
• Incyte’s latest quarterly results beat expectations, with EPS of $1.81 versus $1.38 expected and revenue of $1.27 billion, up 20.9% year over year.
• Analyst sentiment remains cautious overall: the stock carries an average Hold rating, with a consensus price target of $105.10, while several firms recently reiterated neutral or hold views.

Armistice Capital LLC lessened its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 5.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,098,102 shares of the biopharmaceutical company's stock after selling 69,329 shares during the period. Incyte makes up approximately 1.3% of Armistice Capital LLC's portfolio, making the stock its 9th biggest holding. Armistice Capital LLC owned 0.55% of Incyte worth $108,460,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of INCY. NewEdge Advisors LLC boosted its position in shares of 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 purchasing an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Incyte by 15.1% in the 1st 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 in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Incyte by 6.4% in the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock valued at $49,322,000 after purchasing an additional 48,751 shares during the period. United Services Automobile Association purchased a new stake in Incyte during the first quarter worth about $219,000. Finally, Focus Partners Wealth boosted its holdings in 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 buying an additional 8,951 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on INCY. UBS Group dropped their target price on shares of Incyte from $104.00 to $94.00 and set a "neutral" rating for the company in a report on Wednesday, March 25th. TD Cowen restated a "hold" rating on shares of Incyte in a report on Tuesday, June 9th. Weiss Ratings raised Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, April 1st. Barclays reaffirmed an "overweight" rating on shares of Incyte in a report on Tuesday, March 24th. Finally, Oppenheimer reiterated a "market perform" rating and set a $107.00 target price on shares of Incyte in a research report on Monday, June 8th. Eight analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $105.10.

Incyte Stock Down 0.8%

INCY stock opened at $98.99 on Thursday. The company's 50 day simple moving average is $98.06 and its 200-day simple moving average is $99.02. The firm has a market capitalization of $19.78 billion, a PE ratio of 13.98, a P/E/G ratio of 0.97 and a beta of 0.79. Incyte Corporation has a 12 month low of $66.74 and a 12 month high of $112.29. 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 (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data 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. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the firm posted $1.16 EPS. The company's quarterly revenue was up 20.9% compared to the same quarter last year. Equities analysts expect that Incyte Corporation will post 6.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the business's stock in a transaction on Friday, April 17th. The stock was 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 $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

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.

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