Gabelli Funds LLC Lowers Holdings in Incyte Corporation (INCY)

Gabelli Funds LLC lowered its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 21.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,750 shares of the biopharmaceutical company’s stock after selling 6,150 shares during the quarter. Gabelli Funds LLC’s holdings in Incyte Corporation were worth $2,656,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Wetherby Asset Management Inc. lifted its position in Incyte Corporation by 1.4% during the second quarter. Wetherby Asset Management Inc. now owns 1,672 shares of the biopharmaceutical company’s stock valued at $211,000 after purchasing an additional 23 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Incyte Corporation by 0.8% in the 2nd quarter. Nordea Investment Management AB now owns 8,179 shares of the biopharmaceutical company’s stock worth $1,030,000 after acquiring an additional 67 shares during the last quarter. Grandfield & Dodd LLC lifted its holdings in shares of Incyte Corporation by 1.2% in the 2nd quarter. Grandfield & Dodd LLC now owns 7,383 shares of the biopharmaceutical company’s stock worth $930,000 after acquiring an additional 85 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Incyte Corporation by 9.9% in the 2nd quarter. IFP Advisors Inc now owns 1,146 shares of the biopharmaceutical company’s stock worth $144,000 after acquiring an additional 103 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Incyte Corporation by 13.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 891 shares of the biopharmaceutical company’s stock worth $112,000 after acquiring an additional 108 shares during the last quarter. Institutional investors and hedge funds own 89.53% of the company’s stock.

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INCY has been the subject of several analyst reports. BMO Capital Markets restated a “buy” rating and issued a $172.00 target price on shares of Incyte Corporation in a report on Friday, July 21st. Jefferies Group LLC reaffirmed a “buy” rating and issued a $148.00 price target on shares of Incyte Corporation in a research note on Thursday, July 27th. J P Morgan Chase & Co set a $149.00 price target on shares of Incyte Corporation and gave the stock a “buy” rating in a research note on Tuesday, August 1st. Barclays PLC reaffirmed an “overweight” rating and issued a $165.00 price target (down previously from $180.00) on shares of Incyte Corporation in a research note on Wednesday, August 2nd. Finally, BidaskClub downgraded shares of Incyte Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Incyte Corporation currently has an average rating of “Buy” and a consensus price target of $144.98.

In related news, insider David W. Gryska sold 3,915 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $105.63, for a total transaction of $413,541.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bros. Advisors Lp Baker bought 100,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were purchased at an average price of $132.00 per share, for a total transaction of $13,200,000.00. The disclosure for this purchase can be found here. Insiders have sold 102,062 shares of company stock worth $12,652,893 over the last 90 days. Insiders own 17.70% of the company’s stock.

Shares of Incyte Corporation (NASDAQ INCY) opened at $107.21 on Tuesday. Incyte Corporation has a 1 year low of $98.49 and a 1 year high of $153.15. The company has a current ratio of 4.82, a quick ratio of 4.81 and a debt-to-equity ratio of 0.01.

Incyte Corporation (NASDAQ:INCY) last released its earnings results on Tuesday, October 31st. The biopharmaceutical company reported $0.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.11. Incyte Corporation had a negative net margin of 10.90% and a negative return on equity of 12.91%. The firm had revenue of $381.50 million for the quarter, compared to analyst estimates of $360.34 million. During the same period in the prior year, the firm earned $0.19 earnings per share. The business’s quarterly revenue was up 41.6% compared to the same quarter last year. research analysts expect that Incyte Corporation will post -1.3 earnings per share for the current year.

About Incyte Corporation

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).

Institutional Ownership by Quarter for Incyte Corporation (NASDAQ:INCY)

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