State Treasurer State of Michigan lowered its position in Incyte Corporation (NASDAQ:INCY) by 3.5% during the second quarter, Holdings Channel reports. The firm owned 55,900 shares of the biopharmaceutical company’s stock after selling 2,000 shares during the period. State Treasurer State of Michigan’s holdings in Incyte Corporation were worth $7,038,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC acquired a new stake in Incyte Corporation during the first quarter worth approximately $105,000. D. Scott Neal Inc. acquired a new stake in Incyte Corporation during the second quarter worth approximately $103,000. FNY Partners Fund LP raised its stake in Incyte Corporation by 4,825.0% in the first quarter. FNY Partners Fund LP now owns 985 shares of the biopharmaceutical company’s stock worth $131,000 after buying an additional 965 shares during the period. Exane Asset Management acquired a new stake in Incyte Corporation during the second quarter worth approximately $126,000. Finally, IFP Advisors Inc raised its stake in Incyte Corporation by 6.8% in the first quarter. IFP Advisors Inc now owns 1,043 shares of the biopharmaceutical company’s stock worth $139,000 after buying an additional 66 shares during the period. Institutional investors and hedge funds own 92.35% of the company’s stock.
Incyte Corporation (NASDAQ:INCY) traded up 0.32% on Friday, hitting $134.22. The stock had a trading volume of 755,991 shares. The firm’s market capitalization is $27.48 billion. The company’s 50 day moving average is $127.59 and its 200-day moving average is $127.61. Incyte Corporation has a 1-year low of $75.52 and a 1-year high of $153.15.
Incyte Corporation (NASDAQ:INCY) last issued its quarterly earnings results on Thursday, May 4th. The biopharmaceutical company reported ($0.96) EPS for the quarter, topping analysts’ consensus estimates of ($0.97) by $0.01. The company had revenue of $384.08 million for the quarter, compared to analyst estimates of $359.19 million. Incyte Corporation had a negative net margin of 8.72% and a negative return on equity of 20.09%. Incyte Corporation’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share. On average, analysts forecast that Incyte Corporation will post ($0.74) EPS for the current year.
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A number of equities research analysts recently commented on the company. UBS AG lowered Incyte Corporation from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 5th. Barclays PLC set a $135.00 price target on Incyte Corporation and gave the stock a “buy” rating in a research report on Saturday, April 8th. Cowen and Company restated an “outperform” rating and set a $130.00 price target on shares of Incyte Corporation in a research report on Monday, July 3rd. Credit Suisse Group AG set a $152.00 price target on Incyte Corporation and gave the stock a “buy” rating in a research report on Sunday, July 16th. Finally, Raymond James Financial, Inc. lowered Incyte Corporation from an “outperform” rating to a “hold” rating in a research report on Thursday, April 6th. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Incyte Corporation presently has an average rating of “Buy” and an average price target of $141.80.
In other news, Director Jean Jacques Bienaime bought 500 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The shares were acquired at an average price of $124.26 per share, for a total transaction of $62,130.00. Following the completion of the acquisition, the director now directly owns 3,677 shares in the company, valued at $456,904.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven H. Stein sold 6,485 shares of the business’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $131.09, for a total transaction of $850,118.65. Following the completion of the transaction, the executive vice president now owns 19,356 shares in the company, valued at approximately $2,537,378.04. The disclosure for this sale can be found here. In the last quarter, insiders have bought 1,500 shares of company stock worth $185,530 and have sold 53,760 shares worth $6,608,754. 13.70% of the stock is currently owned by insiders.
About Incyte Corporation
Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).
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