Raymond James & Associates Takes $2.29 Million Position in Incyte Co. (NASDAQ:INCY)

Raymond James & Associates bought a new stake in Incyte Co. (NASDAQ:INCY) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 36,484 shares of the biopharmaceutical company’s stock, valued at approximately $2,291,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in Incyte by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 22,159,419 shares of the biopharmaceutical company’s stock valued at $1,280,150,000 after acquiring an additional 289,882 shares during the period. BlackRock Inc. increased its position in Incyte by 4.0% in the 1st quarter. BlackRock Inc. now owns 20,635,865 shares of the biopharmaceutical company’s stock valued at $1,491,354,000 after acquiring an additional 798,475 shares during the period. Royal Bank of Canada increased its position in Incyte by 117.4% in the 1st quarter. Royal Bank of Canada now owns 7,682,752 shares of the biopharmaceutical company’s stock valued at $610,164,000 after acquiring an additional 4,148,559 shares during the period. Renaissance Technologies LLC increased its position in Incyte by 2.3% in the 1st quarter. Renaissance Technologies LLC now owns 4,697,633 shares of the biopharmaceutical company’s stock valued at $373,086,000 after acquiring an additional 106,900 shares during the period. Finally, Geode Capital Management LLC increased its position in Incyte by 2.4% in the 1st quarter. Geode Capital Management LLC now owns 3,961,742 shares of the biopharmaceutical company’s stock valued at $285,676,000 after acquiring an additional 93,329 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

INCY stock opened at $53.43 on Tuesday. Incyte Co. has a 1 year low of $50.27 and a 1 year high of $75.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55. The stock’s 50 day moving average price is $57.87 and its 200 day moving average price is $58.06. The firm has a market cap of $12.00 billion, a P/E ratio of 20.16, a PEG ratio of 1.16 and a beta of 0.65.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). Incyte had a return on equity of 12.56% and a net margin of 16.17%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the company earned $0.44 EPS. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, sell-side analysts expect that Incyte Co. will post 3.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on INCY shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $65.00 target price on shares of Incyte in a research report on Monday, March 25th. Stifel Nicolaus boosted their target price on Incyte from $67.00 to $68.00 and gave the stock a “hold” rating in a research report on Wednesday, February 14th. BMO Capital Markets boosted their target price on Incyte from $58.00 to $64.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 14th. Truist Financial dropped their target price on Incyte from $91.00 to $84.00 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. Finally, William Blair reiterated an “outperform” rating on shares of Incyte in a research report on Tuesday, February 6th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $76.07.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.