Zurcher Kantonalbank Zurich Cantonalbank Acquires 85,658 Shares of Incyte Co. (NASDAQ:INCY)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Incyte Co. (NASDAQ:INCY) by 34.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 335,735 shares of the biopharmaceutical company’s stock after acquiring an additional 85,658 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Incyte were worth $21,081,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mackenzie Financial Corp grew its holdings in shares of Incyte by 13.9% in the 4th quarter. Mackenzie Financial Corp now owns 373,789 shares of the biopharmaceutical company’s stock valued at $23,470,000 after buying an additional 45,578 shares during the period. Cornercap Investment Counsel Inc. acquired a new position in shares of Incyte in the 4th quarter valued at $995,000. Vontobel Holding Ltd. grew its holdings in shares of Incyte by 2.2% in the 4th quarter. Vontobel Holding Ltd. now owns 17,045 shares of the biopharmaceutical company’s stock valued at $1,070,000 after buying an additional 361 shares during the period. Louisiana State Employees Retirement System acquired a new position in shares of Incyte in the 4th quarter valued at $703,000. Finally, Bray Capital Advisors acquired a new position in Incyte in the 4th quarter worth $856,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analysts Set New Price Targets

INCY has been the subject of a number of research analyst reports. Truist Financial reduced their target price on shares of Incyte from $91.00 to $84.00 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Bank of America reduced their target price on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Stifel Nicolaus upped their target price on shares of Incyte from $67.00 to $68.00 and gave the stock a “hold” rating in a research note on Wednesday, February 14th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Tuesday, February 6th. Finally, BMO Capital Markets upped their target price on shares of Incyte from $58.00 to $64.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 14th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $76.07.

Incyte Stock Down 0.9 %

Shares of INCY stock opened at $52.72 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55. The firm’s 50-day moving average is $57.65 and its 200-day moving average is $57.99. The stock has a market cap of $11.84 billion, a price-to-earnings ratio of 19.89, a PEG ratio of 1.23 and a beta of 0.65. Incyte Co. has a 52-week low of $50.27 and a 52-week high of $75.74.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Incyte had a net margin of 16.17% and a return on equity of 12.56%. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 earnings per share. Sell-side analysts predict that Incyte Co. will post 3.84 EPS for the current year.

About Incyte

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.