Incyte Co. (NASDAQ:INCY) Position Raised by Sound Shore Management Inc. CT

Sound Shore Management Inc. CT increased its position in shares of Incyte Co. (NASDAQ:INCY) by 98.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,201,089 shares of the biopharmaceutical company’s stock after purchasing an additional 595,741 shares during the period. Incyte accounts for about 2.7% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 15th largest holding. Sound Shore Management Inc. CT’s holdings in Incyte were worth $82,959,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in INCY. Point72 Asset Management L.P. bought a new stake in Incyte during the third quarter worth approximately $156,611,000. Charles Schwab Investment Management Inc. raised its holdings in Incyte by 29.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,609,220 shares of the biopharmaceutical company’s stock worth $106,369,000 after purchasing an additional 364,169 shares in the last quarter. Candriam S.C.A. raised its holdings in Incyte by 27.8% during the fourth quarter. Candriam S.C.A. now owns 1,034,652 shares of the biopharmaceutical company’s stock worth $71,463,000 after purchasing an additional 224,919 shares in the last quarter. LBP AM SA bought a new stake in Incyte during the fourth quarter worth approximately $13,905,000. Finally, Los Angeles Capital Management LLC raised its holdings in Incyte by 94.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 407,201 shares of the biopharmaceutical company’s stock worth $28,125,000 after purchasing an additional 197,406 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Trading Up 2.2 %

Shares of NASDAQ:INCY opened at $61.92 on Monday. The firm has a fifty day moving average of $70.61 and a two-hundred day moving average of $70.17. The firm has a market capitalization of $11.98 billion, a P/E ratio of 229.34, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. Incyte Co. has a 12-month low of $50.35 and a 12-month high of $83.95. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. On average, equities analysts expect that Incyte Co. will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In related news, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the sale, the executive vice president now owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. The trade was a 15.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. The trade was a 2.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,827 shares of company stock valued at $3,322,618 in the last quarter. Company insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Guggenheim cut Incyte from a “buy” rating to a “neutral” rating and set a $92.00 target price on the stock. in a report on Tuesday, March 18th. Royal Bank of Canada decreased their price target on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 11th. William Blair lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 18th. UBS Group started coverage on shares of Incyte in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price target on the stock. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $75.13.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.