Van ECK Associates Corp Has $11.67 Million Holdings in Incyte Corporation $INCY

Van ECK Associates Corp lessened its stake in shares of Incyte Corporation (NASDAQ:INCY) by 14.0% during the second quarter, Holdings Channel.com reports. The fund owned 102,973 shares of the biopharmaceutical company’s stock after selling 16,814 shares during the period. Van ECK Associates Corp’s holdings in Incyte were worth $11,673,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in INCY. BlackRock Inc. acquired a new position in Incyte during the second quarter valued at approximately $2,044,189,000. Geode Capital Management LLC raised its position in Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock valued at $491,500,000 after purchasing an additional 506,842 shares during the last quarter. Wellington Management Group LLP boosted its position in Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock worth $405,321,000 after buying an additional 309,385 shares during the period. Invesco Ltd. lifted its holdings in shares of Incyte by 13.2% during the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock worth $343,105,000 after purchasing an additional 405,611 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Incyte by 13.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after buying an additional 373,298 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on INCY shares. HC Wainwright reiterated a “buy” rating and set a $150.00 price target on shares of Incyte in a report on Thursday, August 20th. Morgan Stanley set a $119.00 price objective on shares of Incyte in a report on Wednesday, July 29th. Mizuho raised their target price on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Guggenheim boosted their price target on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, Incyte presently has an average rating of “Moderate Buy” and a consensus price target of $123.10.

Insider Activity

In related news, EVP Patrick A. Mayes sold 41,899 shares of the company’s 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 transaction, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at $23,002,592. The trade was a 5.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Incyte Stock Performance

Shares of INCY opened at $123.22 on Tuesday. The stock’s 50-day simple moving average is $119.38 and its 200 day simple moving average is $105.15. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The stock has a market capitalization of $24.98 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating 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%. Incyte’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.57 earnings per share. On average, research analysts forecast that Incyte Corporation will post 2.64 earnings per share for the current fiscal 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.