Incyte Co. (INCY) Holdings Lifted by CIBC World Markets Inc.
CIBC World Markets Inc. grew its position in Incyte Co. (NASDAQ:INCY) by 135.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 12,335 shares of the biopharmaceutical company’s stock after purchasing an additional 7,100 shares during the period. CIBC World Markets Inc.’s holdings in Incyte were worth $826,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Shikiar Asset Management Inc. boosted its holdings in shares of Incyte by 534.2% in the second quarter. Shikiar Asset Management Inc. now owns 113,200 shares of the biopharmaceutical company’s stock worth $7,584,000 after buying an additional 95,350 shares during the period. Fred Alger Management Inc. boosted its holdings in shares of Incyte by 272.6% in the second quarter. Fred Alger Management Inc. now owns 111,450 shares of the biopharmaceutical company’s stock worth $7,467,000 after buying an additional 81,535 shares during the period. BP PLC acquired a new position in shares of Incyte in the second quarter worth about $1,541,000. Norinchukin Bank The boosted its holdings in shares of Incyte by 14.9% in the first quarter. Norinchukin Bank The now owns 16,097 shares of the biopharmaceutical company’s stock worth $1,341,000 after buying an additional 2,093 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Incyte by 45.4% in the second quarter. First Trust Advisors LP now owns 854,987 shares of the biopharmaceutical company’s stock worth $57,284,000 after buying an additional 267,057 shares during the period. Institutional investors own 91.53% of the company’s stock.
Several research analysts have commented on INCY shares. Zacks Investment Research upgraded shares of Incyte from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a report on Friday, July 20th. Piper Jaffray Companies started coverage on shares of Incyte in a report on Wednesday, May 30th. They issued a “buy” rating and a $85.00 target price for the company. Cowen reiterated a “buy” rating on shares of Incyte in a report on Wednesday, May 2nd. Raymond James reiterated a “buy” rating on shares of Incyte in a report on Tuesday, May 1st. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and issued a $88.00 target price on shares of Incyte in a report on Sunday, June 24th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $104.23.
Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 31st. The biopharmaceutical company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.22. The business had revenue of $521.50 million during the quarter, compared to analyst estimates of $510.70 million. Incyte had a negative net margin of 5.92% and a positive return on equity of 1.74%. The firm’s revenue was up 59.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.06) earnings per share. sell-side analysts predict that Incyte Co. will post 0.43 EPS for the current fiscal year.
In related news, EVP Vijay K. Iyengar sold 606 shares of the firm’s stock in a transaction that occurred on Monday, July 9th. The shares were sold at an average price of $71.34, for a total transaction of $43,232.04. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Paula J. Swain sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $70.00, for a total transaction of $700,000.00. Following the transaction, the executive vice president now directly owns 42,324 shares in the company, valued at approximately $2,962,680. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.
Incyte Company Profile
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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