Applied Finance Capital Management LLC Has $13.86 Million Stake in Incyte Corporation $INCY

Applied Finance Capital Management LLC trimmed its holdings in Incyte Corporation (NASDAQ:INCY) by 20.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 140,321 shares of the biopharmaceutical company’s stock after selling 37,068 shares during the period. Applied Finance Capital Management LLC’s holdings in Incyte were worth $13,860,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INCY. Root Financial Partners LLC bought a new stake in shares of Incyte during the third quarter worth $28,000. Quent Capital LLC bought a new stake in shares of Incyte during the third quarter worth $30,000. MUFG Securities EMEA plc bought a new stake in shares of Incyte during the second quarter worth $32,000. CYBER HORNET ETFs LLC bought a new stake in shares of Incyte during the second quarter worth $33,000. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Incyte during the third quarter worth $42,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Price Performance

Shares of NASDAQ INCY opened at $95.31 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The stock has a market cap of $19.04 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 0.93 and a beta of 0.79. Incyte Corporation has a fifty-two week low of $62.73 and a fifty-two week high of $112.29. The firm’s 50-day simple moving average is $95.38 and its 200 day simple moving average is $99.49.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the business posted $1.16 EPS. Incyte’s quarterly revenue was up 20.9% compared to the same quarter last year. As a group, research analysts anticipate that Incyte Corporation will post 6.74 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on INCY. Barclays reaffirmed an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Oppenheimer boosted their price objective on shares of Incyte from $84.00 to $90.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 29th. HC Wainwright reissued a “buy” rating and issued a $135.00 price objective on shares of Incyte in a research note on Monday, May 4th. Wells Fargo & Company reduced their price objective on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 11th. Finally, Stifel Nicolaus boosted their price objective on shares of Incyte from $120.00 to $123.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Ten analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $104.26.

About Incyte

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.