CIBC Asset Management Inc Increases Stake in Incyte Co. (NASDAQ:INCY)

CIBC Asset Management Inc lifted its stake in shares of Incyte Co. (NASDAQ:INCY) by 2.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,303 shares of the biopharmaceutical company’s stock after buying an additional 723 shares during the quarter. CIBC Asset Management Inc’s holdings in Incyte were worth $1,673,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in INCY. Tokio Marine Asset Management Co. Ltd. increased its position in shares of Incyte by 21.8% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,406 shares of the biopharmaceutical company’s stock valued at $423,000 after purchasing an additional 1,145 shares during the last quarter. Haverford Trust Co increased its holdings in Incyte by 1.8% in the third quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock valued at $515,000 after buying an additional 135 shares during the last quarter. GSA Capital Partners LLP raised its stake in Incyte by 26.5% in the third quarter. GSA Capital Partners LLP now owns 6,453 shares of the biopharmaceutical company’s stock valued at $427,000 after buying an additional 1,351 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in Incyte during the 3rd quarter worth about $65,000. Finally, Crossmark Global Holdings Inc. boosted its position in shares of Incyte by 1.1% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 25,079 shares of the biopharmaceutical company’s stock worth $1,657,000 after acquiring an additional 276 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $70.56 on Wednesday. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $69.43 and a 200 day moving average price of $64.19. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The company has a market cap of $13.59 billion, a P/E ratio of 504.04, a PEG ratio of 8.75 and a beta of 0.71.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 earnings per share. Research analysts predict that Incyte Co. will post 0.4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Truist Financial restated a “hold” rating and set a $74.00 target price (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Guggenheim upped their target price on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. lifted their price target on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and boosted their price target for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $77.16.

Insider Transactions at Incyte

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. This trade represents a 18.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the sale, the executive vice president now owns 58,042 shares in the company, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,702 shares of company stock valued at $856,166 in the last ninety days. 17.60% of the stock is currently owned by company insiders.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.