Armistice Capital LLC Sells 69,329 Shares of Incyte Corporation $INCY

Armistice Capital LLC reduced its position in Incyte Corporation (NASDAQ:INCY) by 5.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,098,102 shares of the biopharmaceutical company’s stock after selling 69,329 shares during the period. Incyte comprises approximately 1.3% of Armistice Capital LLC’s holdings, making the stock its 9th biggest holding. Armistice Capital LLC’s holdings in Incyte were worth $108,460,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in INCY. Elyxium Wealth LLC acquired a new stake in shares of Incyte during the fourth quarter worth $28,000. Smithfield Trust Co increased its stake in Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares during the last quarter. MUFG Securities EMEA plc purchased a new position in Incyte during the second quarter worth about $32,000. CYBER HORNET ETFs LLC acquired a new stake in Incyte in the 2nd quarter worth about $33,000. Finally, Leonteq Securities AG acquired a new stake in Incyte in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

NASDAQ INCY opened at $98.99 on Thursday. The firm has a market capitalization of $19.78 billion, a P/E ratio of 13.98, a P/E/G ratio of 0.97 and a beta of 0.79. Incyte Corporation has a 1-year low of $66.74 and a 1-year high of $112.29. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The business’s 50-day simple moving average is $98.06 and its 200-day simple moving average is $99.02.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the company earned $1.16 EPS. The company’s revenue was up 20.9% on a year-over-year basis. Equities analysts predict that Incyte Corporation will post 6.64 EPS for the current year.

Wall Street Analyst Weigh In

INCY has been the subject of a number of research analyst reports. Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and dropped their price objective for the company from $120.00 to $94.00 in a research note on Monday, March 16th. TD Cowen reissued a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. BMO Capital Markets restated an “underperform” rating on shares of Incyte in a report on Monday. UBS Group dropped their price target on shares of Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a research report on Wednesday, March 25th. Finally, Barclays reiterated an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Eight investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $105.10.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the sale, the insider directly owned 262,692 shares in the company, valued at $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

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.