J. Safra Sarasin Holding AG Sells 35,655 Shares of Incyte Corporation $INCY

J. Safra Sarasin Holding AG cut its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 80.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 8,406 shares of the biopharmaceutical company’s stock after selling 35,655 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in Incyte were worth $830,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Harbor Capital Advisors Inc. bought a new stake in shares of Incyte during the 3rd quarter valued at about $26,000. Root Financial Partners LLC purchased a new position in Incyte during the third quarter valued at $28,000. Quent Capital LLC bought a new stake in Incyte during the third quarter valued at about $30,000. MUFG Securities EMEA plc bought a new stake in Incyte during the second quarter valued at about $32,000. Finally, CYBER HORNET ETFs LLC purchased a new stake in Incyte in the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Up 0.2%

Shares of INCY stock opened at $94.30 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $112.29. The company has a market cap of $18.77 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 0.75 and a beta of 0.84. The stock’s fifty day moving average price is $98.29 and its 200 day moving average price is $97.18.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.The company’s quarterly revenue was up 27.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.43 EPS. On average, research analysts expect that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total value of $1,759,178.08. Following the completion of the transaction, the insider directly owned 234,800 shares in the company, valued at $22,127,552. The trade was a 7.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Mohamed Khairie Issa sold 10,856 shares of Incyte stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the transaction, the executive vice president directly owned 66,132 shares of the company’s stock, valued at $7,213,017.24. The trade was a 14.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INCY. Piper Sandler increased their price target on Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Royal Bank Of Canada decreased their price target on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 11th. UBS Group decreased their price objective on Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 25th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $90.00 price target on shares of Incyte in a research note on Thursday, January 8th. Finally, Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $120.00 to $94.00 in a research note on Monday, March 16th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $104.89.

About Incyte

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.