Incyte Co. (NASDAQ:INCY) Shares Sold by Clearbridge Investments LLC
Clearbridge Investments LLC cut its position in shares of Incyte Co. (NASDAQ:INCY) by 32.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 80,517 shares of the biopharmaceutical company’s stock after selling 38,570 shares during the quarter. Clearbridge Investments LLC’s holdings in Incyte were worth $5,896,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of INCY. Ballast Advisors LLC acquired a new position in Incyte during the first quarter worth $28,000. Procyon Private Wealth Partners LLC purchased a new position in Incyte during the fourth quarter worth $29,000. Advisory Alpha LLC increased its position in Incyte by 2,122.2% during the fourth quarter. Advisory Alpha LLC now owns 400 shares of the biopharmaceutical company’s stock worth $31,000 after buying an additional 382 shares in the last quarter. Simon Quick Advisors LLC purchased a new position in Incyte during the first quarter worth $38,000. Finally, Signaturefd LLC increased its position in Incyte by 170.9% during the first quarter. Signaturefd LLC now owns 558 shares of the biopharmaceutical company’s stock worth $41,000 after buying an additional 352 shares in the last quarter. 91.34% of the stock is owned by hedge funds and other institutional investors.
Several research firms have weighed in on INCY. BMO Capital Markets raised their price target on Incyte from $74.00 to $90.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 6th. Zacks Investment Research downgraded Incyte from a “hold” rating to a “sell” rating and set a $93.00 price target for the company. in a research report on Thursday, April 9th. Credit Suisse Group reissued a “hold” rating and set a $88.00 price target on shares of Incyte in a research report on Wednesday, May 6th. Benchmark began coverage on Incyte in a research report on Tuesday, June 16th. They set a “hold” rating for the company. Finally, Mizuho reaffirmed a “hold” rating and issued a $79.00 price objective on shares of Incyte in a research report on Sunday, April 19th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Incyte currently has a consensus rating of “Hold” and an average price target of $100.29.
Shares of Incyte stock opened at $102.48 on Tuesday. Incyte Co. has a twelve month low of $62.48 and a twelve month high of $110.25. The stock has a market capitalization of $22.05 billion, a P/E ratio of -58.56 and a beta of 1.05. The company has a current ratio of 3.41, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02. The business’s fifty day moving average price is $98.33 and its 200 day moving average price is $86.39.
Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($2.86) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($3.17). Incyte had a negative net margin of 16.87% and a negative return on equity of 12.81%. The firm had revenue of $568.51 million during the quarter, compared to analyst estimates of $553.24 million. During the same quarter in the previous year, the business posted $0.62 EPS. Incyte’s revenue was up 14.2% compared to the same quarter last year. As a group, sell-side analysts predict that Incyte Co. will post -1.29 EPS for the current year.
Incyte Company Profile
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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