Sound Shore Management Inc. CT Grows Holdings in Incyte Co. (NASDAQ:INCY)

Sound Shore Management Inc. CT boosted its position in Incyte Co. (NASDAQ:INCY - Free Report) by 98.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,201,089 shares of the biopharmaceutical company's stock after buying an additional 595,741 shares during the period. Incyte makes up approximately 2.7% of Sound Shore Management Inc. CT's investment portfolio, making the stock its 15th largest holding. Sound Shore Management Inc. CT owned 0.62% of Incyte worth $82,959,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Retirement Systems of Alabama grew its position in Incyte by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company's stock worth $2,391,000 after purchasing an additional 139 shares during the period. Trust Point Inc. grew its holdings in Incyte by 5.0% during the fourth quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company's stock worth $227,000 after acquiring an additional 156 shares during the period. Mather Group LLC. raised its position in Incyte by 26.4% during the fourth quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company's stock valued at $57,000 after acquiring an additional 173 shares in the last quarter. 180 Wealth Advisors LLC lifted its holdings in Incyte by 3.9% in the fourth quarter. 180 Wealth Advisors LLC now owns 5,231 shares of the biopharmaceutical company's stock valued at $361,000 after acquiring an additional 195 shares during the period. Finally, Catalyst Financial Partners LLC boosted its position in Incyte by 2.7% in the 4th quarter. Catalyst Financial Partners LLC now owns 7,493 shares of the biopharmaceutical company's stock worth $518,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

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Incyte Price Performance

NASDAQ INCY traded down $0.70 during mid-day trading on Tuesday, hitting $62.08. The stock had a trading volume of 2,603,519 shares, compared to its average volume of 2,267,810. The firm's 50 day moving average is $70.22 and its 200 day moving average is $70.18. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The stock has a market capitalization of $12.01 billion, a price-to-earnings ratio of 229.93, a PEG ratio of 0.41 and a beta of 0.76. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. Equities research analysts forecast that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

INCY has been the subject of several recent research reports. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Incyte in a report on Friday, January 10th. Morgan Stanley cut their price objective on shares of Incyte from $69.00 to $65.00 and set an "equal weight" rating for the company in a report on Monday. JMP Securities reiterated a "market perform" rating on shares of Incyte in a research report on Tuesday, February 11th. Wells Fargo & Company raised their target price on Incyte from $68.00 to $70.00 and gave the company an "equal weight" rating in a research report on Thursday, December 19th. Finally, Royal Bank of Canada reduced their price target on Incyte from $70.00 to $68.00 and set a "sector perform" rating for the company in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $74.88.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 19,807 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the sale, the executive vice president now owns 33,567 shares in the company, valued at $2,272,150.23. This trade represents a 37.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sheila A. Denton sold 14,069 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total value of $1,042,090.83. Following the completion of the transaction, the executive vice president now owns 25,848 shares in the company, valued at $1,914,561.36. This represents a 35.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,827 shares of company stock worth $3,322,618. Insiders own 17.60% of the company's stock.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.