L2 Asset Management LLC acquired a new stake in Incyte Corporation (NASDAQ:INCY – Free Report) during the 4th quarter, Holdings Channel reports. The fund acquired 42,067 shares of the biopharmaceutical company’s stock, valued at approximately $4,155,000.
Several other large investors have also bought and sold shares of the business. Faithward Advisors LLC boosted its stake in Incyte by 4.4% in the fourth quarter. Faithward Advisors LLC now owns 54,809 shares of the biopharmaceutical company’s stock valued at $5,413,000 after buying an additional 2,316 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in Incyte in the fourth quarter valued at about $35,000. MML Investors Services LLC boosted its stake in Incyte by 262.3% in the fourth quarter. MML Investors Services LLC now owns 15,037 shares of the biopharmaceutical company’s stock valued at $1,485,000 after buying an additional 10,886 shares in the last quarter. Mariner LLC boosted its stake in Incyte by 26.6% in the fourth quarter. Mariner LLC now owns 122,684 shares of the biopharmaceutical company’s stock valued at $12,120,000 after buying an additional 25,740 shares in the last quarter. Finally, Focus Partners Wealth boosted its stake in Incyte by 25.7% in the fourth quarter. Focus Partners Wealth now owns 39,118 shares of the biopharmaceutical company’s stock valued at $3,864,000 after buying an additional 8,009 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.
Incyte Stock Performance
Incyte (NASDAQ:INCY – Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the firm posted $1.16 earnings per share. The business’s revenue for the quarter was up 20.9% on a year-over-year basis. Equities research analysts forecast that Incyte Corporation will post 6.64 EPS for the current year.
Analysts Set New Price Targets
Several analysts recently weighed in on INCY shares. Barclays reaffirmed an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. TD Cowen reissued a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. HC Wainwright lifted their price target on Incyte from $135.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Citigroup reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, June 2nd. Finally, BMO Capital Markets reissued an “underperform” rating on shares of Incyte in a research note on Monday. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $105.10.
Read Our Latest Stock Analysis on INCY
Incyte Company Profile
Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.
The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.
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