Scout Investments Inc. Cuts Position in Incyte Corporation (INCY)
Scout Investments Inc. decreased its position in shares of Incyte Corporation (NASDAQ:INCY) by 40.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,219 shares of the biopharmaceutical company’s stock after selling 56,007 shares during the period. Scout Investments Inc.’s holdings in Incyte Corporation were worth $10,226,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new position in Incyte Corporation during the first quarter worth about $290,000. Fisher Asset Management LLC increased its position in Incyte Corporation by 0.9% in the first quarter. Fisher Asset Management LLC now owns 15,050 shares of the biopharmaceutical company’s stock worth $2,012,000 after buying an additional 133 shares during the last quarter. Glen Harbor Capital Management LLC bought a new position in Incyte Corporation during the first quarter worth about $968,000. IFP Advisors Inc increased its position in Incyte Corporation by 6.8% in the first quarter. IFP Advisors Inc now owns 1,043 shares of the biopharmaceutical company’s stock worth $139,000 after buying an additional 66 shares during the last quarter. Finally, Wetherby Asset Management Inc. bought a new position in Incyte Corporation during the first quarter worth about $220,000. Institutional investors own 91.04% of the company’s stock.
Shares of Incyte Corporation (INCY) opened at 138.03 on Friday. The company’s market cap is $28.39 billion. The stock has a 50 day moving average of $129.15 and a 200 day moving average of $130.00. Incyte Corporation has a 1-year low of $77.58 and a 1-year high of $153.15.
Incyte Corporation (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by $0.01. The company had revenue of $326.40 million during the quarter, compared to analysts’ expectations of $318.45 million. Incyte Corporation had a negative return on equity of 21.57% and a negative net margin of 11.77%. Incyte Corporation’s revenue for the quarter was up 32.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 EPS. On average, equities analysts forecast that Incyte Corporation will post ($0.86) EPS for the current year.
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A number of research analysts recently issued reports on INCY shares. Cowen and Company reiterated a “buy” rating on shares of Incyte Corporation in a research report on Friday, May 5th. BMO Capital Markets boosted their target price on shares of Incyte Corporation from $144.00 to $146.00 and gave the company an “outperform” rating in a research report on Friday, May 5th. Credit Suisse Group set a $152.00 target price on shares of Incyte Corporation and gave the company an “outperform” rating in a research report on Tuesday, May 9th. Oppenheimer Holdings, Inc. started coverage on shares of Incyte Corporation in a research report on Friday, May 12th. They set a “market perform” rating and a $125.00 target price on the stock. Finally, CIBC reiterated a “market perform” rating and set a $125.00 target price on shares of Incyte Corporation in a research report on Friday, May 12th. Eight investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Incyte Corporation currently has a consensus rating of “Buy” and an average target price of $140.16.
In other news, CFO David W. Gryska sold 16,756 shares of Incyte Corporation stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $116.60, for a total value of $1,953,749.60. Following the completion of the transaction, the chief financial officer now owns 35,771 shares of the company’s stock, valued at approximately $4,170,898.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Steven H. Stein sold 2,111 shares of Incyte Corporation stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $125.00, for a total value of $263,875.00. Following the completion of the transaction, the executive vice president now directly owns 18,687 shares of the company’s stock, valued at approximately $2,335,875. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,474 shares of company stock valued at $6,004,221. 17.70% of the stock is owned by insiders.
Incyte Corporation Company Profile
Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).
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