Fisher Asset Management LLC Acquires 41,225 Shares of Incyte Corporation $INCY

by · The Cerbat Gem

Fisher Asset Management LLC boosted its holdings in shares of Incyte Corporation (NASDAQ:INCY – Free Report) by 103.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 81,174 shares of the biopharmaceutical company’s stock after purchasing an additional 41,225 shares during the period. Fisher Asset Management LLC’s holdings in Incyte were worth $8,018,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INCY. Caisse de depot et placement du Quebec lifted its stake in Incyte by 264.5% during the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after purchasing an additional 1,087,091 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in Incyte by 5,218.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after purchasing an additional 585,618 shares during the period. Man Group plc lifted its stake in Incyte by 52.8% during the second quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company’s stock worth $109,687,000 after purchasing an additional 556,243 shares during the period. Squarepoint Ops LLC lifted its stake in Incyte by 9,739.1% during the second quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company’s stock worth $38,011,000 after purchasing an additional 552,498 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in Incyte by 1,346.2% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 571,234 shares of the biopharmaceutical company’s stock worth $48,446,000 after purchasing an additional 531,734 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

NASDAQ:INCY opened at $97.34 on Thursday. Incyte Corporation has a 1 year low of $63.92 and a 1 year high of $112.29. The firm has a 50 day moving average of $95.69 and a 200-day moving average of $99.47. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $19.45 billion, a P/E ratio of 13.75, a price-to-earnings-growth ratio of 0.93 and a beta of 0.79.

Incyte (NASDAQ:INCY – Get Free Report) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company posted $1.16 earnings per share. Incyte’s quarterly revenue was up 20.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Incyte Corporation will post 6.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of analyst reports. Barclays restated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Oppenheimer lifted their target price on shares of Incyte from $84.00 to $90.00 and gave the company a “market perform” rating in a research note on Wednesday, April 29th. Piper Sandler lifted their target price on shares of Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Morgan Stanley set a $102.00 target price on shares of Incyte in a research note on Wednesday, February 11th. Finally, Royal Bank Of Canada cut their target price on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 11th. Ten research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $104.00.

Get Our Latest Stock Report on INCY

Insider Activity

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the sale, the insider owned 262,692 shares of the company’s stock, 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 SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

About Incyte

(Free Report)

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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