Incyte Corporation $INCY Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA trimmed its stake in shares of Incyte Corporation (NASDAQ:INCY) by 4.7% during the first quarter, Holdings Channel reports. The institutional investor owned 523,291 shares of the biopharmaceutical company’s stock after selling 25,715 shares during the period. Glenmede Trust Co. NA’s holdings in Incyte were worth $49,252,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Incyte during the fourth quarter valued at approximately $122,893,000. Caisse de depot et placement du Quebec lifted its position in Incyte by 264.5% in the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after purchasing an additional 1,087,091 shares during the period. Marshall Wace LLP lifted its position in Incyte by 6,586.4% in the fourth quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock worth $105,930,000 after purchasing an additional 1,056,451 shares during the period. Wellington Management Group LLP boosted its stake in Incyte by 3,406.8% during the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock valued at $73,028,000 after purchasing an additional 718,294 shares in the last quarter. Finally, SEB Asset Management AB bought a new position in Incyte during the 1st quarter valued at $60,817,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Trading Down 2.8%

NASDAQ INCY opened at $119.52 on Friday. Incyte Corporation has a 1 year low of $73.81 and a 1 year high of $132.60. The company has a market cap of $24.23 billion, a PE ratio of 15.23, a PEG ratio of 1.60 and a beta of 0.76. The stock’s 50-day moving average price is $109.54 and its two-hundred day moving average price is $102.24.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same period last year, the company posted $1.57 earnings per share. Research analysts forecast that Incyte Corporation will post 6.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

INCY has been the topic of several research analyst reports. Oppenheimer reiterated a “market perform” rating and set a $120.00 price target on shares of Incyte in a research report on Tuesday. TD Cowen restated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Wall Street Zen cut Incyte from a “buy” rating to a “hold” rating in a research note on Saturday. Guggenheim lifted their target price on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Morgan Stanley set a $119.00 price target on shares of Incyte in a research report on Wednesday. Eight analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $117.74.

Incyte Profile

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.