135,000 Shares in Incyte Corporation $INCY Purchased by Avoro Capital Advisors LLC

Avoro Capital Advisors LLC bought a new stake in shares of Incyte Corporation (NASDAQ:INCY) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 135,000 shares of the biopharmaceutical company’s stock, valued at approximately $13,334,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Elyxium Wealth LLC acquired a new position in shares of Incyte during the fourth quarter worth approximately $28,000. Smithfield Trust Co grew its stake in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 162 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in shares of Incyte in the second quarter worth $32,000. CYBER HORNET ETFs LLC bought a new position in Incyte during the second quarter worth $33,000. Finally, Leonteq Securities AG bought a new position in Incyte during the fourth quarter worth $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

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 value of $1,801,365.50. Following the completion of the sale, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 Price Performance

Incyte stock opened at $98.22 on Friday. The business’s fifty day moving average is $98.19 and its two-hundred day moving average is $98.97. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The firm has a market cap of $19.62 billion, a P/E ratio of 13.87, a P/E/G ratio of 0.95 and a beta of 0.79. Incyte Corporation has a 52 week low of $66.74 and a 52 week high of $112.29.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company posted $1.16 earnings per share. The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. Equities research analysts forecast that Incyte Corporation will post 6.66 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Citigroup reissued a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. BMO Capital Markets restated an “underperform” rating on shares of Incyte in a report on Monday. Sanford C. Bernstein assumed coverage on shares of Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price objective for the company. Stifel Nicolaus set a $123.00 target price on shares of Incyte in a research note on Tuesday, June 9th. Finally, Weiss Ratings raised Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Eight investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $105.10.

About Incyte

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.