Incyte Corporation (NASDAQ:INCY) Position Lifted by Sound Shore Management Inc. CT

Sound Shore Management Inc. CT raised its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 24.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,494,838 shares of the biopharmaceutical company's stock after purchasing an additional 293,749 shares during the period. Incyte accounts for approximately 3.2% of Sound Shore Management Inc. CT's portfolio, making the stock its 11th largest holding. Sound Shore Management Inc. CT owned approximately 0.77% of Incyte worth $90,512,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Geode Capital Management LLC raised its position in shares of Incyte by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company's stock valued at $278,346,000 after buying an additional 103,910 shares during the last quarter. AQR Capital Management LLC raised its position in shares of 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 buying an additional 801,090 shares during the last quarter. LSV Asset Management raised its position in shares of 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 buying an additional 544,080 shares during the last quarter. Bellevue Group AG raised its position in shares of 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 buying an additional 6,927 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Incyte in the fourth quarter valued at approximately $121,890,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Activity

In related news, EVP Vijay K. Iyengar sold 1,177 shares of the firm's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the sale, the executive vice president directly owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock valued at $3,836,196 in the last 90 days. Company insiders own 17.80% of the company's stock.

Incyte Trading Down 0.4%

Shares of Incyte stock traded down $0.29 during trading hours on Friday, hitting $70.20. The company's stock had a trading volume of 1,434,800 shares, compared to its average volume of 1,482,236. The business has a fifty day moving average of $67.89 and a 200 day moving average of $66.61. The company has a market capitalization of $13.59 billion, a PE ratio of 219.38, a P/E/G ratio of 0.59 and a beta of 0.68. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $83.95. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01.

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 for the quarter, beating analysts' consensus estimates 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 net margin of 0.48% and a return on equity of 2.77%. The business's revenue was up 19.5% on a year-over-year basis. During the same period last year, the business earned $0.64 EPS. As a group, equities analysts forecast that Incyte Corporation will post 4.86 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on INCY. Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Citigroup reaffirmed a "buy" rating on shares of Incyte in a research report on Tuesday, June 3rd. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and upped their price target for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. JPMorgan Chase & Co. dropped their price target on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a research report on Monday, July 14th. Finally, Wells Fargo & Company upped their price target on shares of Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. One equities 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $74.47.

Incyte 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.