First Trust Advisors LP Acquires 224,206 Shares of Incyte Corporation $INCY

First Trust Advisors LP increased its holdings in Incyte Corporation (NASDAQ:INCY) by 17.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,500,792 shares of the biopharmaceutical company’s stock after buying an additional 224,206 shares during the quarter. First Trust Advisors LP owned 0.75% of Incyte worth $141,255,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its position in Incyte by 369.3% in the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after acquiring an additional 9,913 shares during the period. Jones Financial Companies Lllp increased its stake in shares of Incyte by 15.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after purchasing an additional 648 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after purchasing an additional 48,751 shares in the last quarter. United Services Automobile Association bought a new position in Incyte in the 1st quarter worth $219,000. Finally, Focus Partners Wealth lifted its position in Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after purchasing an additional 8,951 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Performance

INCY opened at $116.69 on Friday. The stock has a market capitalization of $23.31 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.05 and a beta of 0.76. The company has a fifty day moving average of $106.38 and a 200 day moving average of $101.52. Incyte Corporation has a fifty-two week low of $69.69 and a fifty-two week high of $119.60. 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 announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company earned $1.16 EPS. The business’s quarterly revenue was up 20.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the company. Sanford C. Bernstein started coverage on Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price target for the company. BMO Capital Markets lifted their price objective on Incyte from $94.00 to $112.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. Morgan Stanley boosted their price objective on Incyte from $103.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday. Oppenheimer reissued a “market perform” rating and issued a $107.00 target price on shares of Incyte in a report on Monday, June 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $111.10.

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.