Seven Eight Capital LP Sells 17,969 Shares of Incyte Co. (NASDAQ:INCY)

Seven Eight Capital LP lowered its stake in Incyte Co. (NASDAQ:INCY) by 83.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,493 shares of the biopharmaceutical company’s stock after selling 17,969 shares during the quarter. Seven Eight Capital LP’s holdings in Incyte were worth $212,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Incyte by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock valued at $1,294,120,000 after acquiring an additional 196,440 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Incyte by 28.0% in the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after purchasing an additional 779,243 shares during the period. LSV Asset Management lifted its holdings in shares of Incyte by 0.5% in the second quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock valued at $167,911,000 after purchasing an additional 15,115 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Incyte by 7.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,514,634 shares of the biopharmaceutical company’s stock worth $143,259,000 after buying an additional 177,852 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in shares of Incyte by 6.1% during the second quarter. Hsbc Holdings PLC now owns 1,240,952 shares of the biopharmaceutical company’s stock worth $75,179,000 after buying an additional 70,900 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

NASDAQ INCY opened at $64.12 on Tuesday. Incyte Co. has a 52-week low of $50.27 and a 52-week high of $70.36. The stock has a market cap of $14.40 billion, a PE ratio of 19.43, a P/E/G ratio of 5.03 and a beta of 0.73. The firm has a 50-day moving average of $64.36 and a 200-day moving average of $59.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 EPS. On average, sell-side analysts anticipate that Incyte Co. will post 0.67 EPS for the current year.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 1,306 shares of Incyte stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the completion of the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at $3,725,715.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Barry P. Flannelly sold 1,306 shares of Incyte stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $3,725,715.98. The disclosure for this sale can be found here. Insiders have sold a total of 34,047 shares of company stock valued at $2,225,626 in the last ninety days. 17.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on INCY. BMO Capital Markets reaffirmed an “underperform” rating and set a $48.00 price target (down previously from $52.00) on shares of Incyte in a research report on Tuesday, July 2nd. Royal Bank of Canada restated a “sector perform” rating and set a $67.00 target price on shares of Incyte in a report on Tuesday, September 3rd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. JMP Securities restated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Finally, Truist Financial restated a “hold” rating and issued a $74.00 price objective (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $73.24.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.