UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 32,193 Shares of Incyte Corporation $INCY

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in Incyte Corporation (NASDAQ:INCY) by 2.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,508,720 shares of the biopharmaceutical company’s stock after selling 32,193 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.74% of Incyte worth $171,028,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Fiduciary Financial Advisors bought a new stake in shares of Incyte during the 2nd quarter valued at $26,000. Elyxium Wealth LLC purchased a new stake in Incyte during the 4th quarter valued at approximately $28,000. Smithfield Trust Co grew its stake in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Incyte in the fourth quarter worth about $35,000. Finally, Atlas Capital Advisors Inc. bought a new stake in Incyte in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ INCY opened at $125.01 on Wednesday. The stock has a fifty day moving average price of $119.79 and a 200 day moving average price of $105.33. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The company has a market cap of $25.34 billion, a PE ratio of 15.92, a P/E/G ratio of 3.87 and a beta of 0.77.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the company posted $1.57 EPS. Incyte’s revenue was up 37.7% compared to the same quarter last year. Analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares in the company, valued at $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Analysts Set New Price Targets

INCY has been the topic of several recent research reports. Truist Financial upped their target price on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Monday, June 22nd. TD Cowen raised shares of Incyte to a “strong-buy” rating in a research note on Monday, August 24th. HC Wainwright reiterated a “buy” rating and set a $150.00 price objective on shares of Incyte in a report on Thursday, August 20th. Citigroup reissued a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Finally, Mizuho upped their target price on shares of Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, Incyte currently has a consensus rating of “Moderate Buy” and an average price target of $123.10.

Incyte Company 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.