Sectoral Asset Management Inc buys $84.5 Million stake in Incyte Corporation (INCY)

Incyte Corporation (INCY) : Sectoral Asset Management Inc scooped up 26,117 additional shares in Incyte Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 1,153,540 shares of Incyte Corporation which is valued at $84.5 Million.Incyte Corporation makes up approximately 4.10% of Sectoral Asset Management Inc’s portfolio.

Other Hedge Funds, Including , Blue Jay Capital Management added INCY to its portfolio by purchasing 85,000 company shares during the most recent quarter which is valued at $6.2 Million. Incyte Corporation makes up approx 3.87% of Blue Jay Capital Management’s portfolio.First Trust Advisors Lp reduced its stake in INCY by selling 1,097,860 shares or 64.4% in the most recent quarter. The Hedge Fund company now holds 606,962 shares of INCY which is valued at $44.4 Million. Incyte Corporation makes up approx 0.14% of First Trust Advisors Lp’s portfolio.Grandfield Dodd boosted its stake in INCY in the latest quarter, The investment management firm added 1,860 additional shares and now holds a total of 6,234 shares of Incyte Corporation which is valued at $440,681. Incyte Corporation makes up approx 0.06% of Grandfield Dodd’s portfolio.Gilder Gagnon Howe Co reduced its stake in INCY by selling 90,794 shares or 9.43% in the most recent quarter. The Hedge Fund company now holds 871,984 shares of INCY which is valued at $61.6 Million. Incyte Corporation makes up approx 1.23% of Gilder Gagnon Howe Co’s portfolio.

Incyte Corporation opened for trading at $81.31 and hit $83.5 on the upside on Wednesday, eventually ending the session at $83.16, with a gain of 2.33% or 1.89 points. The heightened volatility saw the trading volume jump to 13,14,747 shares. Company has a market cap of $15,602 M.

On the company’s financial health, Incyte Corporation reported $0.12 EPS for the quarter, based on the information available during the earnings call on May 9, 2016. Analyst had a consensus estimate of $0.12. The company had revenue of $263.50 million for the quarter, compared to analysts expectations of $264.41 million. The company’s revenue was up 65.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.11 EPS.

Many Wall Street Analysts have commented on Incyte Corporation. Shares were Reiterated by Leerink Partners on Mar 30, 2016 to “Outperform” and Lowered the Price Target to $ 85 from a previous price target of $94 .Incyte Corporation was Initiated by Morgan Stanley to “Overweight” on Mar 23, 2016. Shares were Reiterated by Argus on Feb 22, 2016 to “Buy” and Lowered the Price Target to $ 92 from a previous price target of $135 .

Incyte Corporation is a biopharmaceutical company focused on the discovery development and commercialization of small molecule drugs to treat serious unmet medical needs. The Company’s compound JAKAFI (ruxolitinib) also known as INCB18424 and INC424 is an oral Janus associated kinase (JAK) inhibitor used for the treatment for patients with intermediate or highrisk myelofibrosis (MF) including primary MF postpolycythemia vera MF and postessential thrombocythemia MF. The Company has a second oral JAK1 and JAK2 inhibitor LY3009104 (INCB28050) which is subject to a collaboration agreement with Eli Lilly and Company in which Lilly received development and commercialization rights f

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