Incyte Corporation $INCY Shares Sold by Amova Asset Management Americas Inc.

Amova Asset Management Americas Inc. cut its stake in Incyte Corporation (NASDAQ:INCY) by 38.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,623 shares of the biopharmaceutical company’s stock after selling 8,670 shares during the period. Amova Asset Management Americas Inc.’s holdings in Incyte were worth $1,282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Nordea Investment Management AB boosted its holdings in Incyte by 941.8% during the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock valued at $31,874,000 after acquiring an additional 291,293 shares during the period. Toth Financial Advisory Corp purchased a new stake in Incyte during the 4th quarter worth approximately $1,213,000. Fairvoy Private Wealth LLC lifted its holdings in Incyte by 468.8% during the 4th quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock worth $2,980,000 after buying an additional 24,865 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Incyte by 627.8% during the 4th quarter. SG Americas Securities LLC now owns 186,790 shares of the biopharmaceutical company’s stock worth $18,449,000 after buying an additional 161,124 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its position in Incyte by 11.5% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company’s stock valued at $20,719,000 after buying an additional 21,735 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Key Stories Impacting Incyte

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Halozyme and Incyte announced a global collaboration and license agreement to use ENHANZE technology to evaluate subcutaneous formulations of INCA033989, which could make dosing more convenient and improve the treatment experience. Halozyme Announces Global Collaboration and License Agreement with Incyte to Support the Development of Subcutaneous Formulations of INCA033989 Using its ENHANZE® Technology
• Positive Sentiment: H.C. Wainwright reiterated a Buy rating on INCY and maintained a $140 price target, signaling continued analyst confidence in upside from current levels. Incyte: ENHANZE Licensing Bolsters INCA033989 Outlook as Buy Rating and $140 Price Target Are Reiterated
• Neutral Sentiment: William Blair kept a Hold rating on Incyte, saying the Halozyme deal improves delivery prospects but does not fully offset concerns about dose requirements for INCA033989. Incyte: Halozyme Collaboration Improves INCA033989 Delivery but Dose Requirements Keep Rating at Hold
• Neutral Sentiment: Incyte is also heading into next week’s earnings report with expectations for earnings growth, which may keep investor attention elevated ahead of results. Incyte (INCY) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: Recent insider stock sales by two senior executives could create some caution, even though the activity may also reflect personal profit-taking rather than a change in fundamentals. Top Incyte Executives Quietly Lock In Profits With Fresh Stock Sales

Analyst Upgrades and Downgrades

INCY has been the subject of several research reports. Barclays boosted their price target on shares of Incyte from $117.00 to $134.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Royal Bank Of Canada lifted their target price on Incyte from $95.00 to $99.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Stifel Nicolaus set a $123.00 target price on Incyte in a research note on Tuesday, June 9th. Citigroup restated a “market perform” rating on shares of Incyte in a report on Wednesday, July 15th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Incyte in a research report on Monday, June 29th. Eight research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Incyte has a consensus rating of “Hold” and an average target price of $109.95.

Incyte Stock Up 1.5%

Shares of NASDAQ INCY opened at $117.39 on Wednesday. The business has a 50-day moving average price of $105.66 and a 200 day moving average price of $101.29. The stock has a market cap of $23.45 billion, a PE ratio of 16.58, a price-to-earnings-growth ratio of 1.05 and a beta of 0.76. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 52-week low of $67.20 and a 52-week high of $119.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the company posted $1.16 earnings per share. The firm’s revenue was up 20.9% compared to the same quarter last year. Equities research analysts forecast that Incyte Corporation will post 6.61 earnings per share for the current year.

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.