17,232 Shares in Incyte Corporation $INCY Bought by OP Asset Management Ltd

OP Asset Management Ltd acquired a new stake in Incyte Corporation (NASDAQ:INCY) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 17,232 shares of the biopharmaceutical company’s stock, valued at approximately $1,622,000.

Other hedge funds also recently added to or reduced their stakes in the company. Elyxium Wealth LLC acquired a new stake in shares of Incyte in the fourth quarter valued at about $28,000. Smithfield Trust Co raised its holdings in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 162 shares during the period. MUFG Securities EMEA plc acquired a new position in Incyte during the 2nd quarter worth approximately $32,000. CYBER HORNET ETFs LLC acquired a new position in Incyte during the 2nd quarter worth approximately $33,000. Finally, Leonteq Securities AG purchased a new position in Incyte in the 4th quarter worth approximately $35,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Performance

Shares of INCY opened at $113.75 on Monday. The business’s 50 day moving average is $99.28 and its two-hundred day moving average is $99.19. Incyte Corporation has a 52-week low of $66.83 and a 52-week high of $115.56. The firm has a market cap of $22.72 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 1.11 and a beta of 0.79. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 earnings per share. Analysts forecast that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares of the company’s stock, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on INCY. Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and lowered their price objective for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Stifel Nicolaus set a $123.00 target price on shares of Incyte in a research note on Tuesday, June 9th. Barclays restated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Truist Financial lifted their price target on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Monday, June 22nd. Finally, Oppenheimer reaffirmed a “market perform” rating and set a $107.00 price target on shares of Incyte in a research note on Monday, June 8th. Eight research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $107.85.

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.