Element Squared LLC Buys New Stake in Incyte Corporation $INCY

Element Squared LLC purchased a new position in shares of Incyte Corporation (NASDAQ:INCY) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 23,957 shares of the biopharmaceutical company’s stock, valued at approximately $2,255,000. Incyte accounts for approximately 1.3% of Element Squared LLC’s investment portfolio, making the stock its 16th largest position.

Several other large investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in shares of Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after buying an additional 506,842 shares during the period. Invesco Ltd. lifted its position in Incyte by 13.2% during the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock worth $343,105,000 after acquiring an additional 405,611 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Incyte by 13.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock worth $263,246,000 after acquiring an additional 373,298 shares during the period. Morgan Stanley grew its position in Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock valued at $263,106,000 after acquiring an additional 23,087 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Incyte by 7.0% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock valued at $245,028,000 after purchasing an additional 161,405 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was 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 approximately $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INCY. Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and decreased their target price for the company from $120.00 to $94.00 in a research note on Monday, March 16th. Sanford C. Bernstein assumed coverage on shares of Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective for the company. UBS Group raised their target price on Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday. Stifel Nicolaus set a $123.00 target price on Incyte in a research report on Tuesday, June 9th. Finally, BMO Capital Markets upgraded Incyte from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $75.00 to $94.00 in a research note on Monday, June 22nd. Eight analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $107.85.

Incyte Trading Down 1.2%

NASDAQ INCY opened at $113.31 on Wednesday. The company has a market capitalization of $22.64 billion, a price-to-earnings ratio of 16.00, a price-to-earnings-growth ratio of 1.12 and a beta of 0.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. Incyte Corporation has a 12 month low of $66.83 and a 12 month high of $115.56. The company’s fifty day moving average price is $99.98 and its two-hundred day moving average price is $99.46.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data 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. 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 company’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.16 EPS. As a group, research analysts predict that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

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.