Convergence Investment Partners LLC Grows Position in Incyte Corporation $INCY

Convergence Investment Partners LLC boosted its stake in shares of Incyte Corporation (NASDAQ:INCY) by 246.9% during the third quarter, HoldingsChannel.com reports. The firm owned 14,468 shares of the biopharmaceutical company’s stock after acquiring an additional 10,297 shares during the period. Convergence Investment Partners LLC’s holdings in Incyte were worth $1,227,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Mediolanum International Funds Ltd purchased a new stake in shares of Incyte during the 3rd quarter valued at $2,271,000. Principal Financial Group Inc. increased its position in Incyte by 3.6% during the 3rd quarter. Principal Financial Group Inc. now owns 215,319 shares of the biopharmaceutical company’s stock worth $18,261,000 after purchasing an additional 7,564 shares in the last quarter. Transcend Capital Advisors LLC raised its holdings in Incyte by 25.4% in the third quarter. Transcend Capital Advisors LLC now owns 8,038 shares of the biopharmaceutical company’s stock valued at $682,000 after buying an additional 1,628 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Incyte by 106.5% in the third quarter. Thrivent Financial for Lutherans now owns 76,911 shares of the biopharmaceutical company’s stock worth $6,522,000 after acquiring an additional 39,660 shares in the last quarter. Finally, Frank Rimerman Advisors LLC purchased a new position in shares of Incyte in the 3rd quarter valued at $200,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of research reports. Zacks Research cut shares of Incyte from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Barclays boosted their price objective on Incyte from $101.00 to $115.00 and gave the stock an “overweight” rating in a research note on Monday, November 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Incyte in a research note on Thursday, January 22nd. Mizuho set a $121.00 target price on Incyte and gave the company an “outperform” rating in a report on Monday, December 8th. Finally, Guggenheim upgraded Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a report on Monday, November 3rd. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $100.75.

Incyte Stock Performance

Incyte stock opened at $102.67 on Tuesday. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $112.29. The company has a current ratio of 3.20, a quick ratio of 3.13 and a debt-to-equity ratio of 0.01. The stock has a market cap of $20.16 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 0.60 and a beta of 0.82. The stock has a 50 day moving average of $101.82 and a 200-day moving average of $92.31.

Insider Activity at Incyte

In other Incyte news, EVP Michael James Morrissey sold 54,008 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the completion of the transaction, the executive vice president directly owned 31,830 shares of the company’s stock, valued at $3,096,740.70. This trade represents a 62.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas Tray sold 2,774 shares of the business’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the completion of the sale, the insider directly owned 22,973 shares of the company’s stock, valued at $2,297,300. The trade was a 10.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 95,225 shares of company stock valued at $9,519,745. 17.80% of the stock is owned by insiders.

Incyte 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.