First Trust Advisors LP Cuts Holdings in Incyte Co. (NASDAQ:INCY)

First Trust Advisors LP decreased its stake in shares of Incyte Co. (NASDAQ:INCY) by 38.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,152,218 shares of the biopharmaceutical company’s stock after selling 709,190 shares during the period. First Trust Advisors LP’s holdings in Incyte were worth $85,529,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of INCY. Commonwealth Bank of Australia increased its holdings in Incyte by 49.2% during the 2nd quarter. Commonwealth Bank of Australia now owns 376 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 124 shares during the period. Pathstone Family Office LLC purchased a new stake in Incyte during the 2nd quarter worth about $34,000. Captrust Financial Advisors purchased a new stake in Incyte during the 2nd quarter worth about $35,000. First Manhattan Co. purchased a new stake in Incyte during the 2nd quarter worth about $50,000. Finally, CSat Investment Advisory L.P. increased its holdings in Incyte by 180.5% during the 2nd quarter. CSat Investment Advisory L.P. now owns 676 shares of the biopharmaceutical company’s stock worth $58,000 after purchasing an additional 435 shares during the period. Institutional investors own 91.70% of the company’s stock.

Several brokerages have weighed in on INCY. JPMorgan Chase & Co. restated a “buy” rating and set a $91.00 price target on shares of Incyte in a report on Wednesday, July 31st. Leerink Swann set a $90.00 price objective on Incyte and gave the company a “hold” rating in a report on Wednesday, July 31st. Nomura increased their price objective on Incyte from $100.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Guggenheim set a $101.00 price objective on Incyte and gave the company a “buy” rating in a report on Friday, September 27th. Finally, ValuEngine downgraded Incyte from a “sell” rating to a “strong sell” rating in a report on Saturday, October 5th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $92.90.

In other news, EVP Yao Wenqing sold 2,040 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $85.00, for a total value of $173,400.00. Following the completion of the sale, the executive vice president now directly owns 47,348 shares of the company’s stock, valued at approximately $4,024,580. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Paula J. Swain sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $80.96, for a total value of $202,400.00. Following the completion of the sale, the executive vice president now directly owns 44,112 shares of the company’s stock, valued at $3,571,307.52. The disclosure for this sale can be found here. Insiders sold a total of 94,294 shares of company stock valued at $7,849,355 over the last three months. Insiders own 17.10% of the company’s stock.

INCY opened at $85.10 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.02 and a quick ratio of 5.01. The business has a 50 day simple moving average of $78.24 and a 200-day simple moving average of $80.22. The stock has a market capitalization of $18.12 billion, a P/E ratio of 103.78, a P/E/G ratio of 1.23 and a beta of 0.99. Incyte Co. has a 12 month low of $57.00 and a 12 month high of $89.30.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.55 by $0.27. The business had revenue of $551.58 million during the quarter, compared to analysts’ expectations of $534.73 million. Incyte had a return on equity of 20.07% and a net margin of 19.21%. The company’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS. Research analysts anticipate that Incyte Co. will post 2.14 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.

Read More: Stock Symbols and CUSIP Explained

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Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

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