Sound Shore Management Inc CT Decreases Position in Incyte Corporation $INCY

Sound Shore Management Inc CT trimmed its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 23.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,140,057 shares of the biopharmaceutical company’s stock after selling 354,781 shares during the quarter. Incyte makes up about 2.6% of Sound Shore Management Inc CT’s investment portfolio, making the stock its 23rd largest holding. Sound Shore Management Inc CT owned approximately 0.58% of Incyte worth $77,638,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in INCY. AQR Capital Management LLC grew its position in Incyte by 92.3% during the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company’s stock valued at $405,787,000 after buying an additional 3,233,356 shares during the period. Robeco Institutional Asset Management B.V. grew its position in Incyte by 71.5% during the second quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company’s stock valued at $162,508,000 after buying an additional 995,204 shares during the period. Acadian Asset Management LLC grew its position in Incyte by 65.6% during the first quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company’s stock valued at $152,062,000 after buying an additional 994,609 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Incyte during the second quarter valued at approximately $50,076,000. Finally, Victory Capital Management Inc. grew its position in Incyte by 581.3% during the first quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company’s stock valued at $49,236,000 after buying an additional 693,782 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Insider Activity at Incyte

In other news, EVP Lee Heeson sold 3,074 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total value of $289,017.48. Following the transaction, the executive vice president owned 29,241 shares of the company’s stock, valued at approximately $2,749,238.82. The trade was a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 3,629 shares of company stock valued at $335,714 over the last quarter. 17.80% of the stock is currently owned by insiders.

Incyte Price Performance

INCY stock opened at $105.70 on Thursday. Incyte Corporation has a one year low of $53.56 and a one year high of $106.47. The company’s fifty day moving average price is $87.43 and its 200-day moving average price is $75.80. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 3.20. The company has a market capitalization of $20.75 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 0.70 and a beta of 0.73.

Analysts Set New Price Targets

Several analysts recently issued reports on INCY shares. JPMorgan Chase & Co. boosted their target price on shares of Incyte from $73.00 to $89.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. BMO Capital Markets restated an “underperform” rating and set a $60.00 price objective (up from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Oppenheimer downgraded shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 8th. Wells Fargo & Company raised their price objective on shares of Incyte from $89.00 to $97.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Finally, Stifel Nicolaus raised their price objective on shares of Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $92.77.

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.