Tekla Capital Management Lowers stake in Incyte Corporation (INCY)

Incyte Corporation (INCY) : Tekla Capital Management reduced its stake in Incyte Corporation by 7.95% during the most recent quarter end. The investment management company now holds a total of 880,461 shares of Incyte Corporation which is valued at $71,361,364 after selling 76,000 shares in Incyte Corporation , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Incyte Corporation makes up approximately 2.79% of Tekla Capital Management’s portfolio.

Other Hedge Funds, Including , Tokio Marine Asset Management Co Ltd boosted its stake in INCY in the latest quarter, The investment management firm added 1,470 additional shares and now holds a total of 78,336 shares of Incyte Corporation which is valued at $6,949,970. Incyte Corporation makes up approx 0.69% of Tokio Marine Asset Management Co Ltd’s portfolio.Winslow Evans Crocker reduced its stake in INCY by selling 95 shares or 7.34% in the most recent quarter. The Hedge Fund company now holds 1,200 shares of INCY which is valued at $103,692. Incyte Corporation makes up approx 0.03% of Winslow Evans Crocker’s portfolio.Ibm Retirement Fund boosted its stake in INCY in the latest quarter, The investment management firm added 839 additional shares and now holds a total of 19,288 shares of Incyte Corporation which is valued at $1,666,676. Incyte Corporation makes up approx 0.06% of Ibm Retirement Fund’s portfolio.

Incyte Corporation opened for trading at $81.1 and hit $81.88 on the upside on Monday, eventually ending the session at $81.33, with a gain of 0.36% or 0.29 points. The heightened volatility saw the trading volume jump to 5,91,455 shares. Company has a market cap of $15,290 M.

On the company’s financial health, Incyte Corporation reported $0.18 EPS for the quarter, beating the analyst consensus estimate by $ 0.20 according to the earnings call on Aug 9, 2016. Analyst had a consensus of $-0.02. The company had revenue of $246.30 million for the quarter, compared to analysts expectations of $232.33 million. The company’s revenue was up 51.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS.

Many Wall Street Analysts have commented on Incyte Corporation. Company shares were Reiterated by Barclays on Aug 10, 2016 to “Overweight”, Firm has raised the Price Target to $ 100 from a previous price target of $85 .Company shares were Reiterated by Leerink Partners on Aug 10, 2016 to “Outperform”, Firm has raised the Price Target to $ 95 from a previous price target of $85 .Incyte Corporation was Initiated by SunTrust to “Buy” on Aug 5, 2016.

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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