Martingale Asset Management L P Buys 97,232 Shares of Incyte Corporation $INCY

Martingale Asset Management L P grew its stake in shares of Incyte Corporation (NASDAQ:INCY) by 161.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 157,614 shares of the biopharmaceutical company’s stock after acquiring an additional 97,232 shares during the quarter. Martingale Asset Management L P owned about 0.08% of Incyte worth $15,568,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new stake in Incyte in the 4th quarter worth about $122,893,000. Caisse de depot et placement du Quebec increased its holdings in Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after buying an additional 1,087,091 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Incyte by 5,218.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after buying an additional 585,618 shares in the last quarter. Man Group plc increased its holdings in Incyte by 52.8% in the 2nd quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company’s stock worth $109,687,000 after buying an additional 556,243 shares in the last quarter. Finally, Squarepoint Ops LLC increased its holdings in Incyte by 9,739.1% in the 2nd quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company’s stock worth $38,011,000 after buying an additional 552,498 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated 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 transaction, the insider directly owned 262,692 shares of the company’s stock, valued at $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Incyte Trading Up 0.6%

Incyte stock opened at $108.53 on Friday. The business has a 50-day simple moving average of $97.78 and a two-hundred day simple moving average of $99.18. The company has a market cap of $21.68 billion, a P/E ratio of 15.33, a P/E/G ratio of 1.05 and a beta of 0.79. Incyte Corporation has a 52-week low of $66.74 and a 52-week high of $112.29. 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 (EPS) 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 return on equity of 26.66% and a net margin of 26.71%.The business’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.16 EPS. Analysts predict that Incyte Corporation will post 6.64 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on INCY. Jefferies Financial Group downgraded Incyte from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Oppenheimer reiterated a “market perform” rating and issued a $107.00 price objective on shares of Incyte in a report on Monday. Citigroup reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. HC Wainwright lifted their price objective on Incyte from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Eight research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Incyte has an average rating of “Hold” and an average target price of $105.10.

Incyte Company 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.