BlackRock Inc. Acquires 613,119 Shares of Incyte Co. (INCY)

BlackRock Inc. raised its holdings in Incyte Co. (NASDAQ:INCY) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,095,211 shares of the biopharmaceutical company’s stock after purchasing an additional 613,119 shares during the period. BlackRock Inc. owned 7.09% of Incyte worth $1,042,778,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of INCY. Piedmont Investment Advisors LLC increased its stake in shares of Incyte by 509.1% in the second quarter. Piedmont Investment Advisors LLC now owns 26,418 shares of the biopharmaceutical company’s stock worth $1,770,000 after purchasing an additional 22,081 shares in the last quarter. BP PLC purchased a new position in shares of Incyte in the second quarter worth about $1,541,000. TD Asset Management Inc. increased its stake in shares of Incyte by 8.3% in the second quarter. TD Asset Management Inc. now owns 277,815 shares of the biopharmaceutical company’s stock worth $18,614,000 after purchasing an additional 21,278 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Incyte by 34.1% in the second quarter. Commonwealth Equity Services LLC now owns 11,435 shares of the biopharmaceutical company’s stock worth $766,000 after purchasing an additional 2,906 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Incyte by 10.6% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 61,453 shares of the biopharmaceutical company’s stock worth $4,117,000 after purchasing an additional 5,865 shares in the last quarter. Hedge funds and other institutional investors own 93.21% of the company’s stock.

In other Incyte news, EVP Barry P. Flannelly sold 1,000 shares of Incyte stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Paula J. Swain sold 10,000 shares of Incyte stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $73.21, for a total transaction of $732,100.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,000 shares of company stock valued at $1,502,100. 17.20% of the stock is currently owned by company insiders.

INCY has been the subject of several recent research reports. BidaskClub upgraded shares of Incyte from a “hold” rating to a “buy” rating in a research note on Tuesday, November 6th. Zacks Investment Research upgraded shares of Incyte from a “hold” rating to a “buy” rating and set a $73.00 price objective for the company in a research report on Wednesday, October 10th. Raymond James restated a “buy” rating and issued a $85.00 price objective on shares of Incyte in a research report on Thursday, October 25th. Cowen restated a “buy” rating on shares of Incyte in a research report on Tuesday, October 30th. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Incyte in a research report on Saturday, September 15th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $94.48.

INCY stock opened at $64.79 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.02 and a quick ratio of 4.01. Incyte Co. has a 12 month low of $58.33 and a 12 month high of $102.63. The company has a market capitalization of $14.30 billion, a PE ratio of 101.23 and a beta of 1.12.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, October 30th. The biopharmaceutical company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.02). Incyte had a negative net margin of 6.07% and a positive return on equity of 2.23%. The company had revenue of $449.68 million for the quarter, compared to the consensus estimate of $448.34 million. During the same quarter in the previous year, the firm earned $0.19 earnings per share. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. Equities research analysts predict that Incyte Co. will post 0.43 EPS for the current year.

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About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

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