Jupiter Asset Management Ltd. Cuts Stock Position in Incyte Corporation $INCY

Jupiter Asset Management Ltd. lessened its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 78.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 166,557 shares of the biopharmaceutical company’s stock after selling 591,395 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.08% of Incyte worth $14,126,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the business. Bank of Nova Scotia lifted its holdings in Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after buying an additional 124 shares in the last quarter. MAI Capital Management raised its stake in shares of Incyte by 19.9% in the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after acquiring an additional 125 shares in the last quarter. Atlantic Edge Private Wealth Management LLC boosted its holdings in Incyte by 0.9% in the third quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock valued at $1,235,000 after purchasing an additional 125 shares during the period. E Fund Management Co. Ltd. grew its stake in Incyte by 0.8% during the 2nd quarter. E Fund Management Co. Ltd. now owns 19,912 shares of the biopharmaceutical company’s stock worth $1,356,000 after purchasing an additional 158 shares in the last quarter. Finally, Wealthfront Advisers LLC increased its holdings in Incyte by 2.4% during the 2nd quarter. Wealthfront Advisers LLC now owns 7,366 shares of the biopharmaceutical company’s stock worth $502,000 after purchasing an additional 171 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Transactions at Incyte

In other news, insider Thomas Tray sold 2,774 shares of Incyte stock in a transaction on Friday, December 19th. The shares were sold at an average price of $100.00, for a total value of $277,400.00. Following the transaction, the insider directly owned 22,973 shares of the company’s stock, valued at $2,297,300. The trade was a 10.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael James Morrissey sold 54,008 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the sale, the executive vice president owned 31,830 shares of the company’s stock, valued at approximately $3,096,740.70. This represents a 62.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 95,225 shares of company stock worth $9,519,745. 17.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Incyte in a research report on Thursday, January 22nd. Morgan Stanley set a $102.00 price target on shares of Incyte in a report on Wednesday, February 11th. Barclays raised their price objective on shares of Incyte from $116.00 to $117.00 and gave the company an “overweight” rating in a report on Wednesday. Wall Street Zen downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, Guggenheim upgraded Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Monday, November 3rd. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $104.00.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $101.32 on Friday. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $112.29. The firm has a market capitalization of $20.16 billion, a P/E ratio of 15.81, a P/E/G ratio of 0.81 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. The company’s fifty day moving average price is $102.32 and its 200 day moving average price is $94.94.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the previous year, the business posted $1.43 EPS. The business’s revenue for the quarter was up 27.8% compared to the same quarter last year. As a group, sell-side analysts predict that Incyte Corporation will post 4.86 earnings per share 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.