Schwab Charles Investment Management Inc. Buys 11,574 Shares of Incyte Corporation (INCY)
Schwab Charles Investment Management Inc. increased its stake in shares of Incyte Corporation (NASDAQ:INCY) by 2.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 519,765 shares of the biopharmaceutical company’s stock after buying an additional 11,574 shares during the period. Schwab Charles Investment Management Inc. owned about 0.25% of Incyte Corporation worth $65,444,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. State of Alaska Department of Revenue bought a new stake in shares of Incyte Corporation during the first quarter valued at $290,000. Korea Investment CORP increased its stake in shares of Incyte Corporation by 577.2% in the first quarter. Korea Investment CORP now owns 78,550 shares of the biopharmaceutical company’s stock valued at $10,500,000 after buying an additional 66,950 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Incyte Corporation by 0.9% in the first quarter. Fisher Asset Management LLC now owns 15,050 shares of the biopharmaceutical company’s stock valued at $2,012,000 after buying an additional 133 shares during the last quarter. First Citizens Bank & Trust Co. bought a new stake in shares of Incyte Corporation during the first quarter valued at $362,000. Finally, Glen Harbor Capital Management LLC bought a new stake in shares of Incyte Corporation during the first quarter valued at $968,000. Hedge funds and other institutional investors own 91.04% of the company’s stock.
Shares of Incyte Corporation (NASDAQ INCY) opened at 121.76 on Monday. The stock has a 50 day moving average price of $129.05 and a 200-day moving average price of $129.60. The stock’s market capitalization is $25.05 billion. Incyte Corporation has a 1-year low of $77.58 and a 1-year high of $153.15.
Incyte Corporation (NASDAQ:INCY) last posted its earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by $0.01. The business had revenue of $326.40 million during the quarter, compared to analysts’ expectations of $318.45 million. Incyte Corporation had a negative net margin of 11.77% and a negative return on equity of 21.57%. The business’s quarterly revenue was up 32.5% compared to the same quarter last year. During the same period last year, the company earned $0.18 EPS. On average, analysts forecast that Incyte Corporation will post ($0.86) earnings per share for the current year.
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Several equities analysts have recently issued reports on the company. Evercore ISI assumed coverage on Incyte Corporation in a research note on Wednesday, August 16th. They set an “in-line” rating and a $135.00 target price on the stock. BidaskClub cut Incyte Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Barclays PLC reissued an “overweight” rating and set a $165.00 target price (down from $180.00) on shares of Incyte Corporation in a research note on Wednesday, August 2nd. J P Morgan Chase & Co set a $149.00 target price on Incyte Corporation and gave the company a “buy” rating in a research note on Tuesday, August 1st. Finally, Jefferies Group LLC reissued a “buy” rating and set a $148.00 target price on shares of Incyte Corporation in a research note on Thursday, July 27th. Eight investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $140.16.
In related news, CFO David W. Gryska sold 16,756 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $116.60, for a total value of $1,953,749.60. Following the transaction, the chief financial officer now owns 35,771 shares of the company’s stock, valued at $4,170,898.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Eric H. Siegel sold 1,820 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $132.92, for a total value of $241,914.40. Following the completion of the transaction, the executive vice president now directly owns 23,553 shares in the company, valued at approximately $3,130,664.76. The disclosure for this sale can be found here. Insiders sold 48,183 shares of company stock worth $5,976,946 in the last three months. 17.70% of the stock is currently owned by corporate insiders.
Incyte Corporation Company Profile
Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).
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