Plato Investment Management Ltd Takes Position in Incyte Corporation $INCY

Plato Investment Management Ltd acquired a new position in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 14,856 shares of the biopharmaceutical company’s stock, valued at approximately $1,674,000.

Several other institutional investors have also modified their holdings of INCY. Geode Capital Management LLC raised its position in Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after acquiring an additional 506,842 shares in the last quarter. Invesco Ltd. boosted its position in shares of Incyte by 13.2% during the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after purchasing an additional 405,611 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Incyte by 13.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock worth $263,246,000 after purchasing an additional 373,298 shares during the last quarter. Morgan Stanley grew its stake in shares of Incyte by 0.9% in the 4th quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock worth $263,106,000 after purchasing an additional 23,087 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Incyte by 30.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company’s stock worth $211,927,000 after purchasing an additional 527,703 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Activity at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Incyte Stock Performance

Incyte stock opened at $123.50 on Tuesday. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The firm has a market capitalization of $25.03 billion, a price-to-earnings ratio of 15.73, a P/E/G ratio of 3.77 and a beta of 0.76. The company has a 50 day moving average price of $114.53 and a 200 day moving average price of $103.46.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company’s revenue was up 37.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.57 EPS. Equities analysts forecast that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

INCY has been the subject of several recent research reports. Leerink Partners increased their target price on shares of Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Truist Financial upped their price target on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. BMO Capital Markets increased their price objective on Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Royal Bank Of Canada raised their price objective on Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 29th. Finally, Morgan Stanley set a $119.00 target price on Incyte in a report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $121.65.

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.