Sound Shore Management Inc. CT Reduces Position in Incyte Corporation $INCY

Key Points

• Sound Shore Management cut its Incyte stake by 17.4% in the first quarter, selling 162,003 shares and ending with 767,829 shares valued at about $72.3 million.
• Incyte reported strong first-quarter earnings, posting EPS of $1.81 versus the $1.38 consensus and revenue of $1.27 billion, up 20.9% year over year.
• Analysts remain mixed on the stock: Incyte has a Hold consensus rating with an average price target of $109.95, though Barclays recently raised its target to $134 and kept an overweight rating.

Sound Shore Management Inc. CT decreased its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 17.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 767,829 shares of the biopharmaceutical company's stock after selling 162,003 shares during the period. Incyte accounts for approximately 2.4% of Sound Shore Management Inc. CT's portfolio, making the stock its 23rd biggest holding. Sound Shore Management Inc. CT owned about 0.38% of Incyte worth $72,268,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Incyte during the fourth quarter worth approximately $122,893,000. Caisse de depot et placement du Quebec raised its position in Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company's stock valued at $127,046,000 after purchasing an additional 1,087,091 shares during the last quarter. Marshall Wace LLP raised its position in Incyte by 6,586.4% in the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company's stock valued at $105,930,000 after purchasing an additional 1,056,451 shares during the last quarter. Wellington Management Group LLP boosted its stake in Incyte by 3,406.8% during the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company's stock worth $73,028,000 after purchasing an additional 718,294 shares during the period. Finally, SEB Asset Management AB acquired a new stake in Incyte during the 1st quarter worth $60,817,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Price Performance

INCY stock opened at $117.25 on Monday. The stock has a market capitalization of $23.42 billion, a PE ratio of 16.56, a price-to-earnings-growth ratio of 1.06 and a beta of 0.76. The company has a fifty day moving average of $104.99 and a 200-day moving average of $101.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. Incyte Corporation has a one year low of $67.17 and a one year high of $119.60.

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. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business's revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.16 earnings per share. As a group, analysts expect that Incyte Corporation will post 6.61 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have commented on INCY. TD Cowen restated a "hold" rating on shares of Incyte in a research note on Tuesday, June 9th. HC Wainwright reiterated a "buy" rating on shares of Incyte in a research note on Tuesday, July 14th. Weiss Ratings reissued a "buy (b-)" rating on shares of Incyte in a report on Monday, June 29th. Barclays boosted their price target on Incyte from $117.00 to $134.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Finally, UBS Group upped their price objective on Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. According to MarketBeat, Incyte presently has an average rating of "Hold" and a consensus target price of $109.95.

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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