CIBC Asset Management Inc Boosts Stock Holdings in Incyte Corporation $INCY

CIBC Asset Management Inc raised its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 61.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 40,478 shares of the biopharmaceutical company’s stock after purchasing an additional 15,397 shares during the period. CIBC Asset Management Inc’s holdings in Incyte were worth $3,998,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in Incyte by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock valued at $491,500,000 after purchasing an additional 506,842 shares during the period. LSV Asset Management increased its position in Incyte by 3.2% during the 3rd quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company’s stock valued at $338,061,000 after purchasing an additional 124,266 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Incyte by 13.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after purchasing an additional 373,298 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Incyte by 7.0% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock valued at $245,028,000 after purchasing an additional 161,405 shares during the period. Finally, Man Group plc increased its position in Incyte by 20.0% during the 3rd quarter. Man Group plc now owns 1,933,547 shares of the biopharmaceutical company’s stock valued at $163,984,000 after purchasing an additional 322,877 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

INCY has been the topic of a number of research reports. Citigroup reissued a “market perform” rating on shares of Incyte in a research report on Tuesday. Barclays reissued an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and cut their price objective for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Sanford C. Bernstein began coverage on shares of Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective on the stock. Finally, Oppenheimer lifted their price objective on shares of Incyte from $84.00 to $90.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 29th. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.00.

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 transaction, the insider 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Incyte Stock Up 1.1%

Shares of Incyte stock opened at $102.38 on Friday. The firm’s 50 day moving average price is $96.49 and its 200-day moving average price is $99.09. 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 Corporation has a 52-week low of $66.74 and a 52-week high of $112.29. The company has a market cap of $20.45 billion, a P/E ratio of 14.46, a PEG ratio of 0.99 and a beta of 0.79.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the firm earned $1.16 EPS. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. On average, sell-side analysts predict that Incyte Corporation will post 6.65 EPS for the current fiscal year.

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.