Sawgrass Asset Management LLC Takes Position in Incyte Corporation $INCY

Sawgrass Asset Management LLC bought a new position in shares of Incyte Corporation (NASDAQ:INCY) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 99,200 shares of the biopharmaceutical company’s stock, valued at approximately $8,413,000. Sawgrass Asset Management LLC owned 0.05% of Incyte at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of Nova Scotia grew its position in shares of Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after purchasing an additional 124 shares in the last quarter. MAI Capital Management boosted its stake in Incyte by 19.9% during the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after buying an additional 125 shares during the period. Atlantic Edge Private Wealth Management LLC grew its position in Incyte by 0.9% during the third quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after buying an additional 125 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Incyte by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock worth $612,000 after buying an additional 147 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Incyte by 10.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock worth $116,000 after acquiring an additional 156 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Incyte

In other Incyte news, EVP Steven H. Stein sold 20,105 shares of Incyte stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $102.51, for a total value of $2,060,963.55. Following the transaction, the executive vice president directly owned 63,129 shares of the company’s stock, valued at $6,471,353.79. The trade was a 24.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total value of $1,184,063.92. Following the completion of the sale, the executive vice president owned 66,132 shares of the company’s stock, valued at $7,213,017.24. The trade was a 14.10% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 98,897 shares of company stock valued at $9,869,376. 17.80% of the stock is currently owned by corporate insiders.

Incyte Trading Down 2.9%

INCY stock opened at $101.99 on Friday. The company has a market capitalization of $20.02 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 0.62 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20. Incyte Corporation has a one year low of $53.56 and a one year high of $112.29. The company’s 50 day moving average price is $101.99 and its two-hundred day moving average price is $90.78.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, beating the consensus estimate of $1.65 by $0.61. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.07 EPS. As a group, analysts predict that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Zacks Research downgraded Incyte from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. JPMorgan Chase & Co. lifted their target price on shares of Incyte from $73.00 to $89.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Barclays boosted their price target on shares of Incyte from $101.00 to $115.00 and gave the stock an “overweight” rating in a research note on Monday, November 24th. Wells Fargo & Company restated an “equal weight” rating and set a $107.00 price objective (down previously from $116.00) on shares of Incyte in a research report on Tuesday. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Incyte in a research report on Thursday. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $100.75.

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.