Louisiana State Employees Retirement System bought a new stake in shares of Incyte Corporation (NASDAQ:INCY – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 8,500 shares of the biopharmaceutical company’s stock, valued at approximately $800,000.
A number of other hedge funds have also modified their holdings of the stock. Elyxium Wealth LLC purchased a new position in Incyte in the fourth quarter valued at about $28,000. Smithfield Trust Co grew its stake in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 162 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in Incyte in the second quarter worth approximately $32,000. CYBER HORNET ETFs LLC acquired a new stake in Incyte in the second quarter valued at approximately $33,000. Finally, Leonteq Securities AG bought a new position in shares of Incyte during the 4th quarter valued at $35,000. 96.97% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
INCY has been the subject of a number of analyst reports. UBS Group boosted their price target on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Truist Financial upped their target price on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, June 22nd. TD Cowen reissued a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Barclays restated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Incyte in a report on Monday, June 29th. Eight investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $108.20.
Incyte Stock Performance
Shares of NASDAQ INCY traded up $1.22 during trading hours on Tuesday, reaching $116.84. The stock had a trading volume of 71,428 shares, compared to its average volume of 1,762,553. The company has a market cap of $23.34 billion, a price-to-earnings ratio of 16.50, a PEG ratio of 1.07 and a beta of 0.76. Incyte Corporation has a twelve month low of $67.06 and a twelve month high of $118.69. The business’s fifty day moving average is $101.53 and its two-hundred day moving average is $99.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60.
Incyte (NASDAQ:INCY – Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.43. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.16 EPS. As a group, research analysts expect that Incyte Corporation will post 6.61 EPS for the current year.
Insider Buying and Selling
In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction dated Friday, April 17th. The shares were 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 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 document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.
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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