Mirae Asset Global Investments Co. Ltd. Cuts Stake in Incyte Co. (NASDAQ:INCY)

Mirae Asset Global Investments Co. Ltd. lessened its stake in shares of Incyte Co. (NASDAQ:INCY) by 11.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 79,914 shares of the biopharmaceutical company’s stock after selling 9,863 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Incyte were worth $6,495,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Incyte by 49.6% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 383 shares of the biopharmaceutical company’s stock valued at $33,000 after acquiring an additional 127 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of Incyte by 121.0% during the 4th quarter. Bessemer Group Inc. now owns 431 shares of the biopharmaceutical company’s stock valued at $37,000 after acquiring an additional 236 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Incyte by 1,366.7% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 440 shares of the biopharmaceutical company’s stock valued at $36,000 after acquiring an additional 410 shares during the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Incyte during the 1st quarter valued at about $50,000. Finally, Steward Partners Investment Advisory LLC boosted its holdings in shares of Incyte by 74.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 614 shares of the biopharmaceutical company’s stock valued at $53,000 after acquiring an additional 263 shares during the last quarter. 91.12% of the stock is currently owned by hedge funds and other institutional investors.

In related news, EVP Dashyant Dhanak sold 396 shares of the firm’s stock in a transaction on Thursday, April 1st. The shares were sold at an average price of $81.57, for a total value of $32,301.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael James Morrissey sold 20,000 shares of the firm’s stock in a transaction on Monday, March 29th. The shares were sold at an average price of $81.08, for a total transaction of $1,621,600.00. The disclosure for this sale can be found here. Company insiders own 15.80% of the company’s stock.

NASDAQ INCY opened at $86.13 on Friday. Incyte Co. has a 12 month low of $75.52 and a 12 month high of $110.36. The company has a market cap of $18.94 billion, a PE ratio of 39.69, a price-to-earnings-growth ratio of 1.04 and a beta of 0.81. The business’s 50 day moving average price is $83.59. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.90 and a current ratio of 3.93.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, May 4th. The biopharmaceutical company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.25. Incyte had a net margin of 17.70% and a return on equity of 20.10%. The business had revenue of $604.72 million during the quarter, compared to analyst estimates of $657.73 million. During the same period last year, the firm posted ($2.86) EPS. The company’s revenue was up 6.4% on a year-over-year basis. Sell-side analysts predict that Incyte Co. will post 2.2 earnings per share for the current fiscal year.

INCY has been the topic of a number of recent analyst reports. William Blair reaffirmed an “outperform” rating on shares of Incyte in a report on Tuesday, June 15th. TheStreet cut shares of Incyte from a “b-” rating to a “c” rating in a research note on Monday, March 15th. Morgan Stanley lowered their price objective on shares of Incyte from $86.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 5th. Finally, SVB Leerink reiterated a “sell” rating on shares of Incyte in a research note on Tuesday, June 15th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $97.00.

About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor for the treatment of adults; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

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