Dodge & Cox Lowers Stake in Incyte Corporation $INCY

Dodge & Cox lessened its stake in Incyte Corporation (NASDAQ:INCY) by 4.5% in the 3rd quarter, Holdings Channel reports. The firm owned 13,932,416 shares of the biopharmaceutical company’s stock after selling 662,765 shares during the period. Dodge & Cox owned about 0.07% of Incyte worth $1,181,608,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in INCY. Harbor Capital Advisors Inc. purchased a new position in shares of Incyte during the third quarter worth $26,000. Root Financial Partners LLC acquired a new stake in shares of Incyte in the third quarter valued at $28,000. Quent Capital LLC purchased a new stake in shares of Incyte in the 3rd quarter valued at $30,000. MUFG Securities EMEA plc purchased a new stake in shares of Incyte in the 2nd quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC acquired a new position in Incyte during the 2nd quarter worth about $33,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Mohamed Khairie Issa sold 10,856 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president owned 66,132 shares in the company, valued at approximately $7,213,017.24. The trade was a 14.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael James Morrissey sold 4,323 shares of the company’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $97.26, for a total transaction of $420,454.98. Following the completion of the transaction, the executive vice president owned 27,507 shares of the company’s stock, valued at approximately $2,675,330.82. The trade was a 13.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 72,561 shares of company stock worth $7,195,307 over the last 90 days. 17.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

INCY has been the subject of several research reports. Wells Fargo & Company dropped their target price on Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 11th. Stifel Nicolaus increased their price target on shares of Incyte from $119.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. HC Wainwright reissued a “buy” rating and issued a $135.00 price objective on shares of Incyte in a research note on Monday, March 9th. Royal Bank Of Canada dropped their price objective on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a report on Wednesday, February 11th. Finally, Mizuho set a $121.00 target price on shares of Incyte and gave the stock an “outperform” rating in a research note on Monday, December 8th. Ten research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $104.00.

Incyte Price Performance

Incyte stock opened at $92.54 on Friday. The company has a current ratio of 3.32, a quick ratio of 3.25 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $101.78 and a 200-day simple moving average of $96.48. The stock has a market cap of $18.42 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 0.73 and a beta of 0.84. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $112.29.

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

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.