Convergence Investment Partners LLC Has $2.09 Million Stock Holdings in Incyte Corporation $INCY

Convergence Investment Partners LLC increased its position in shares of Incyte Corporation (NASDAQ:INCY) by 46.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 21,202 shares of the biopharmaceutical company’s stock after purchasing an additional 6,734 shares during the quarter. Convergence Investment Partners LLC’s holdings in Incyte were worth $2,094,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in INCY. NewEdge Advisors LLC grew its position in Incyte by 369.3% during the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp grew its position in Incyte by 15.1% during the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after buying an additional 648 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Incyte by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after buying an additional 48,751 shares in the last quarter. United Services Automobile Association acquired a new stake in Incyte during the first quarter worth about $219,000. Finally, Focus Partners Wealth grew 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 worth $1,273,000 after buying an additional 8,951 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Incyte Stock Performance

NASDAQ:INCY opened at $95.31 on Friday. Incyte Corporation has a 1 year low of $62.73 and a 1 year high of $112.29. The firm has a 50 day moving average of $95.38 and a 200-day moving average of $99.49. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $19.04 billion, a P/E ratio of 13.46, a price-to-earnings-growth ratio of 0.93 and a beta of 0.79.

Incyte (NASDAQ:INCY) last posted its 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. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company posted $1.16 earnings per share. Incyte’s quarterly revenue was up 20.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Incyte Corporation will post 6.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Piper Sandler lifted their target price on Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Wall Street Zen cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. HC Wainwright restated a “buy” rating and set a $135.00 price target on shares of Incyte in a research note on Monday, May 4th. Stifel Nicolaus raised their price target on shares of Incyte from $120.00 to $123.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Finally, Oppenheimer raised their price target on shares of Incyte from $84.00 to $90.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 29th. Ten research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $104.26.

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.