Sanctuary Advisors LLC Sells 15,868 Shares of Incyte Corporation $INCY

Key Points

• Sanctuary Advisors LLC cut its Incyte position by 49.7% in the first quarter, selling 15,868 shares and leaving it with 16,090 shares worth about $1.51 million.
• Incyte reported better-than-expected first-quarter earnings, posting $1.81 EPS versus the $1.38 estimate, while revenue rose 20.9% year over year to $1.27 billion.
• Analyst sentiment remains mixed: the stock has a consensus Hold rating with an average price target of $111.10, though some firms recently raised targets and reiterated bullish views.

Sanctuary Advisors LLC lowered its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 49.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,090 shares of the biopharmaceutical company's stock after selling 15,868 shares during the quarter. Sanctuary Advisors LLC's holdings in Incyte were worth $1,514,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of INCY. Elyxium Wealth LLC bought a new stake in shares of Incyte during the 4th quarter valued at $28,000. Smithfield Trust Co boosted its holdings in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 162 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new stake in Incyte in the 4th quarter worth $35,000. Atlas Capital Advisors Inc. purchased a new stake in Incyte in the 4th quarter worth $35,000. Finally, Leonteq Securities AG purchased a new stake in Incyte in the 4th quarter worth $35,000. 96.97% of the stock is currently owned by institutional investors.

Incyte Price Performance

Incyte stock opened at $116.69 on Friday. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $106.38 and a 200 day moving average price of $101.52. Incyte Corporation has a 12-month low of $69.69 and a 12-month high of $119.60. The stock has a market cap of $23.31 billion, a P/E ratio of 16.48, a PEG ratio of 1.05 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly 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. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.22 billion. During the same quarter in the prior year, the company posted $1.16 EPS. The business's revenue for the quarter was up 20.9% on a year-over-year basis. Sell-side analysts anticipate that Incyte Corporation will post 6.61 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Morgan Stanley boosted their price objective on Incyte from $103.00 to $104.00 and gave the company an "equal weight" rating in a research report on Thursday. TD Cowen reissued a "hold" rating on shares of Incyte in a research report on Tuesday, June 9th. HC Wainwright restated a "buy" rating and issued a $140.00 price target on shares of Incyte in a report on Tuesday. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Incyte in a research report on Monday, June 29th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Thursday. Eight investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $111.10.

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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