OP Asset Management Ltd Acquires Shares of 17,232 Incyte Corporation $INCY

OP Asset Management Ltd bought a new position in shares of Incyte Corporation (NASDAQ:INCY) during the first quarter, HoldingsChannel reports. The firm bought 17,232 shares of the biopharmaceutical company’s stock, valued at approximately $1,622,000.

Several other hedge funds also recently made changes to their positions in INCY. Banque Cantonale Vaudoise bought a new stake in shares of Incyte in the 1st quarter valued at approximately $378,000. Assenagon Asset Management S.A. lifted its stake in Incyte by 10.7% during the first quarter. Assenagon Asset Management S.A. now owns 8,357 shares of the biopharmaceutical company’s stock worth $787,000 after purchasing an additional 808 shares during the last quarter. Andina Capital Management LLC bought a new position in Incyte during the first quarter worth $360,000. LMG Wealth Partners LLC boosted its holdings in Incyte by 1.9% in the first quarter. LMG Wealth Partners LLC now owns 18,464 shares of the biopharmaceutical company’s stock worth $1,738,000 after purchasing an additional 339 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Incyte by 52.7% in the first quarter. SG Americas Securities LLC now owns 285,152 shares of the biopharmaceutical company’s stock worth $26,839,000 after purchasing an additional 98,362 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on INCY shares. Jefferies Financial Group lowered shares of Incyte from a “buy” rating to a “hold” rating and lowered their target price for the company from $120.00 to $94.00 in a research note on Monday, March 16th. Truist Financial lifted their price target on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Stifel Nicolaus set a $123.00 price objective on shares of Incyte in a research report on Tuesday, June 9th. Citigroup reiterated a “market perform” rating on shares of Incyte in a research note on Tuesday, June 2nd. Finally, BMO Capital Markets upgraded Incyte from an “underperform” rating to a “market perform” rating and lifted their target price for the company from $75.00 to $94.00 in a research note on Monday, June 22nd. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $107.85.

Incyte Price Performance

Shares of NASDAQ INCY opened at $113.75 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The firm has a market capitalization of $22.72 billion, a PE ratio of 16.07, a P/E/G ratio of 1.11 and a beta of 0.79. Incyte Corporation has a 1-year low of $66.83 and a 1-year high of $115.56. The business’s fifty day moving average price is $99.28 and its two-hundred day moving average price is $99.19.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.43. The company 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 previous year, the company posted $1.16 earnings per share. On average, research analysts expect that Incyte Corporation will post 6.61 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction dated Friday, April 17th. The shares were 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 $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 corporate insiders.

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.