Y Intercept Hong Kong Ltd Raises Stock Position in Incyte Corporation $INCY

Y Intercept Hong Kong Ltd boosted its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 644.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,833 shares of the biopharmaceutical company’s stock after purchasing an additional 41,410 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Incyte were worth $4,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in INCY. Elyxium Wealth LLC purchased a new position in shares of Incyte during the 4th quarter valued at about $28,000. Smithfield Trust Co boosted its stake in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in Incyte during the second quarter worth about $32,000. CYBER HORNET ETFs LLC acquired a new stake in Incyte during the second quarter worth about $33,000. Finally, Leonteq Securities AG acquired a new stake in Incyte during the fourth quarter worth about $35,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the sale, the insider directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Jefferies Financial Group downgraded Incyte from a “buy” rating to a “hold” rating and decreased their price target for the company from $120.00 to $94.00 in a report on Monday, March 16th. Stifel Nicolaus set a $123.00 target price on shares of Incyte in a report on Tuesday, June 9th. Oppenheimer reiterated a “market perform” rating and issued a $107.00 target price on shares of Incyte in a research note on Monday, June 8th. BMO Capital Markets raised shares of Incyte from an “underperform” rating to a “market perform” rating and increased their price target for the stock from $75.00 to $94.00 in a report on Monday, June 22nd. Finally, Truist Financial raised their price target on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Monday, June 22nd. Eight analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to MarketBeat, Incyte has an average rating of “Hold” and an average target price of $107.85.

Incyte Stock Performance

INCY stock opened at $116.86 on Monday. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12-month low of $66.85 and a 12-month high of $118.69. The stock has a market cap of $23.35 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 1.07 and a beta of 0.76. The business’s 50-day moving average is $101.13 and its 200 day moving average is $99.86.

Incyte (NASDAQ:INCY) last announced its 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 business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.16 earnings per share. On average, sell-side analysts anticipate that Incyte Corporation will post 6.61 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.