Pinebridge Investments L.P. Buys 40,992 Shares of Incyte Corporation (INCY)

Pinebridge Investments L.P. lifted its stake in Incyte Corporation (NASDAQ:INCY) by 122.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,590 shares of the biopharmaceutical company’s stock after buying an additional 40,992 shares during the period. Pinebridge Investments L.P.’s holdings in Incyte Corporation were worth $9,392,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Wetherby Asset Management Inc. boosted its stake in shares of Incyte Corporation by 1.4% in the second quarter. Wetherby Asset Management Inc. now owns 1,672 shares of the biopharmaceutical company’s stock valued at $211,000 after buying an additional 23 shares during the period. Grandfield & Dodd LLC boosted its stake in shares of Incyte Corporation by 1.2% in the second quarter. Grandfield & Dodd LLC now owns 7,383 shares of the biopharmaceutical company’s stock valued at $930,000 after buying an additional 85 shares during the period. IFP Advisors Inc boosted its stake in shares of Incyte Corporation by 9.9% in the second quarter. IFP Advisors Inc now owns 1,146 shares of the biopharmaceutical company’s stock valued at $144,000 after buying an additional 103 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Incyte Corporation by 5.4% in the second quarter. State of Alaska Department of Revenue now owns 2,292 shares of the biopharmaceutical company’s stock valued at $288,000 after buying an additional 117 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of Incyte Corporation by 2.8% in the second quarter. Teacher Retirement System of Texas now owns 4,855 shares of the biopharmaceutical company’s stock valued at $611,000 after buying an additional 133 shares during the period. Institutional investors and hedge funds own 88.91% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This piece was first reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this piece on another website, it was copied illegally and reposted in violation of US and international copyright and trademark laws. The legal version of this piece can be read at https://ledgergazette.com/2017/09/20/pinebridge-investments-l-p-buys-40992-shares-of-incyte-corporation-incy.html.

Shares of Incyte Corporation (NASDAQ:INCY) traded down 0.93% on Wednesday, hitting $116.00. 539,786 shares of the stock traded hands. The stock has a 50-day moving average price of $126.44 and a 200 day moving average price of $129.92. Incyte Corporation has a 52 week low of $83.01 and a 52 week high of $153.15. The firm’s market cap is $23.86 billion.

Incyte Corporation (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.01). The company had revenue of $326.40 million for 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 quarter last year, the business posted $0.18 EPS. Equities research analysts predict that Incyte Corporation will post ($0.83) EPS for the current fiscal year.

INCY has been the subject of several recent research reports. J P Morgan Chase & Co reiterated a “buy” rating and issued a $149.00 price target on shares of Incyte Corporation in a research note on Thursday, August 31st. Raymond James Financial, Inc. upgraded Incyte Corporation from a “market perform” rating to an “outperform” rating and set a $159.00 price target for the company in a research note on Monday, September 11th. Zacks Investment Research upgraded Incyte Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, May 23rd. Oppenheimer Holdings, Inc. reiterated a “hold” rating and issued a $135.00 price target on shares of Incyte Corporation in a research note on Thursday, August 31st. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $172.00 price target on shares of Incyte Corporation in a research note on Monday, August 28th. Eight investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Incyte Corporation has a consensus rating of “Buy” and an average target price of $142.16.

In related news, Director Bros. Advisors Lp Baker acquired 100,000 shares of the stock in a transaction dated 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 acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider David W. Gryska sold 599 shares of the firm’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $129.74, for a total transaction of $77,714.26. Following the sale, the insider now owns 19,614 shares in the company, valued at approximately $2,544,720.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,369 shares of company stock worth $5,971,609. Corporate insiders own 17.70% of the company’s stock.

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)

Receive News & Ratings for Incyte Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Incyte Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply