Long Corridor Asset Management Ltd Sells 170,000 Shares of Incyte Corporation $INCY

Long Corridor Asset Management Ltd trimmed its position in shares of Incyte Corporation (NASDAQ:INCY) by 77.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,000 shares of the biopharmaceutical company’s stock after selling 170,000 shares during the period. Incyte makes up approximately 1.7% of Long Corridor Asset Management Ltd’s investment portfolio, making the stock its 12th largest position. Long Corridor Asset Management Ltd’s holdings in Incyte were worth $4,240,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in INCY. Harbor Capital Advisors Inc. bought a new stake in shares of Incyte during the 3rd quarter worth approximately $26,000. Root Financial Partners LLC bought a new position in Incyte in the third quarter valued at approximately $28,000. Quent Capital LLC acquired a new position in Incyte during the third quarter valued at approximately $30,000. MUFG Securities EMEA plc acquired a new position in Incyte during the second quarter valued at approximately $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in Incyte during the second quarter worth $33,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In other news, EVP Michael James Morrissey sold 54,008 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total value of $5,254,438.32. Following the completion of the transaction, the executive vice president owned 31,830 shares of the company’s stock, valued at $3,096,740.70. This represents a 62.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the firm’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 transaction, the executive vice president owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 72,561 shares of company stock worth $7,195,307. 17.80% of the stock is currently owned by insiders.

Incyte Stock Performance

NASDAQ INCY opened at $95.94 on Friday. The firm’s fifty day moving average price is $102.28 and its two-hundred day moving average price is $96.24. The stock has a market cap of $19.09 billion, a PE ratio of 14.97, a PEG ratio of 0.76 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $112.29.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Zacks Research downgraded Incyte from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. TD Cowen reissued a “buy” rating on shares of Incyte in a report on Tuesday, January 13th. Truist Financial set a $103.00 price objective on Incyte in a research report on Wednesday, December 24th. Mizuho set a $121.00 target price on Incyte and gave the company an “outperform” rating in a research report on Monday, December 8th. Finally, Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. Ten research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $104.00.

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.