Fifth Third Bancorp Acquires 16,160 Shares of Incyte Corporation $INCY

Fifth Third Bancorp boosted its stake in Incyte Corporation (NASDAQ:INCY) by 145.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 27,289 shares of the biopharmaceutical company’s stock after purchasing an additional 16,160 shares during the quarter. Fifth Third Bancorp’s holdings in Incyte were worth $2,568,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Sanford C. Bernstein assumed coverage on shares of Incyte in a report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective for the company. Royal Bank Of Canada lifted their price target on shares of Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. HC Wainwright reissued a “buy” rating on shares of Incyte in a report on Tuesday, July 14th. TD Cowen reissued a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Finally, BMO Capital Markets lifted their price objective on shares of Incyte from $94.00 to $112.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. Eight research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus price target of $109.95.

Incyte Trading Down 1.4%

INCY opened at $115.65 on Tuesday. Incyte Corporation has a one year low of $67.17 and a one year high of $119.60. The stock has a market cap of $23.10 billion, a price-to-earnings ratio of 16.33, a P/E/G ratio of 1.06 and a beta of 0.76. The stock’s 50 day moving average price is $105.29 and its 200-day moving average price is $101.16. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business’s revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.16 earnings per share. On average, equities analysts forecast that Incyte Corporation will post 6.61 EPS for the current year.

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.