Shikiar Asset Management Inc. Sells 23,365 Shares of Incyte Corporation (NASDAQ:INCY)

Shikiar Asset Management Inc. decreased its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 14.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 138,325 shares of the biopharmaceutical company's stock after selling 23,365 shares during the period. Incyte makes up 2.5% of Shikiar Asset Management Inc.'s holdings, making the stock its 12th biggest position. Shikiar Asset Management Inc. owned 0.07% of Incyte worth $8,376,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of INCY. Quintet Private Bank Europe S.A. acquired a new position in Incyte during the fourth quarter worth about $26,000. Raiffeisen Bank International AG acquired a new stake in shares of Incyte during the 4th quarter valued at $34,000. Bradley & Co. Private Wealth Management LLC bought a new stake in Incyte during the 4th quarter worth $42,000. NBC Securities Inc. increased its holdings in Incyte by 88,200.0% in the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after purchasing an additional 882 shares in the last quarter. Finally, Huntington National Bank increased its holdings in Incyte by 40.7% in the 4th quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company's stock worth $65,000 after purchasing an additional 270 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Performance

Shares of INCY traded down $0.54 during mid-day trading on Thursday, hitting $68.27. 1,740,637 shares of the company traded hands, compared to its average volume of 2,049,015. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.04. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $83.95. The stock has a market cap of $13.22 billion, a price-to-earnings ratio of 213.35, a P/E/G ratio of 0.58 and a beta of 0.67. The stock has a 50-day moving average price of $62.97 and a two-hundred day moving average price of $66.97.

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and upped their price objective for the company from $75.00 to $107.00 in a research note on Monday. UBS Group restated a "neutral" rating and issued a $61.00 price objective on shares of Incyte in a report on Tuesday, June 3rd. William Blair downgraded shares of Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. reduced their price objective on Incyte from $70.00 to $68.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $74.53.

Incyte Company Profile

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.