Sound Shore Management Inc. CT Acquires 79,976 Shares of Incyte Corporation $INCY

Sound Shore Management Inc. CT boosted its holdings in Incyte Corporation (NASDAQ:INCY) by 9.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 929,832 shares of the biopharmaceutical company’s stock after acquiring an additional 79,976 shares during the quarter. Incyte accounts for approximately 2.9% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 14th biggest holding. Sound Shore Management Inc. CT’s holdings in Incyte were worth $91,840,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in INCY. NewEdge Advisors LLC increased its stake in Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after buying an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Incyte by 15.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after buying an additional 648 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after buying an additional 48,751 shares during the last quarter. United Services Automobile Association purchased a new stake in Incyte in the 1st quarter valued at about $219,000. Finally, Focus Partners Wealth increased its stake in Incyte by 74.1% in the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after buying an additional 8,951 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

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. Corporate insiders own 16.20% of the company’s stock.

Analyst Upgrades and Downgrades

INCY has been the subject of a number of recent analyst reports. Wall Street Zen downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Piper Sandler upped their price objective on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Oppenheimer upped their price objective on Incyte from $84.00 to $90.00 and gave the company a “market perform” rating in a research note on Wednesday, April 29th. Royal Bank Of Canada reduced their price objective on Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 11th. Finally, Wells Fargo & Company reduced their price objective on Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 11th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average target price of $104.00.

Incyte Trading Up 6.2%

NASDAQ:INCY opened at $97.98 on Thursday. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $19.57 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 0.88 and a beta of 0.79. The firm’s 50 day moving average is $96.07 and its 200 day moving average is $99.09. Incyte Corporation has a 12 month low of $66.30 and a 12 month high of $112.29.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the business earned $1.16 EPS. Incyte’s revenue was up 20.9% compared to the same quarter last year. Sell-side analysts expect that Incyte Corporation will post 6.74 earnings per share for the current year.

Incyte 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.