Hsbc Holdings PLC Purchases 292,113 Shares of Incyte Corporation $INCY

Hsbc Holdings PLC boosted its position in shares of Incyte Corporation (NASDAQ:INCY) by 100.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 582,368 shares of the biopharmaceutical company’s stock after purchasing an additional 292,113 shares during the period. Hsbc Holdings PLC’s holdings in Incyte were worth $54,781,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Jacobi Capital Management LLC lifted its holdings in shares of Incyte by 0.9% during the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after acquiring an additional 99 shares during the period. Oregon Public Employees Retirement Fund raised its position in Incyte by 0.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after purchasing an additional 100 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Incyte by 7.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after purchasing an additional 113 shares during the last quarter. Bank of Nova Scotia boosted its holdings in shares of Incyte by 0.7% in the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after purchasing an additional 124 shares in the last quarter. Finally, Perbak Capital Partners LLP boosted its holdings in shares of Incyte by 2.5% in the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock valued at $449,000 after purchasing an additional 129 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Trading Down 1.4%

Shares of INCY stock opened at $115.65 on Tuesday. Incyte Corporation has a twelve month low of $67.17 and a twelve month high of $119.60. The stock’s fifty day simple moving average is $105.29 and its 200 day simple moving average is $101.16. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $23.10 billion, a P/E ratio of 16.33, a P/E/G ratio of 1.06 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period last year, the firm posted $1.16 earnings per share. As a group, sell-side analysts predict that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

INCY has been the subject of several recent analyst reports. Royal Bank Of Canada upped their price objective on Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 7th. Sanford C. Bernstein initiated coverage on Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 target price on the stock. HC Wainwright reissued a “buy” rating on shares of Incyte in a research note on Tuesday, July 14th. Barclays increased their target price on shares of Incyte from $117.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Finally, TD Cowen restated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Eight analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $109.95.

Incyte 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.