PSP Research LLC Invests $528,000 in Incyte Corporation $INCY

PSP Research LLC purchased a new stake in Incyte Corporation (NASDAQ:INCY) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,350 shares of the biopharmaceutical company’s stock, valued at approximately $528,000.

A number of other hedge funds and other institutional investors have also modified their holdings of INCY. AustralianSuper Pty Ltd acquired a new stake in Incyte during the 3rd quarter worth $18,085,000. Rakuten Investment Management Inc. bought a new position in shares of Incyte during the third quarter worth $14,646,000. LBP AM SA boosted its stake in Incyte by 33.6% in the 3rd quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock worth $20,245,000 after purchasing an additional 59,974 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Incyte by 38.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company’s stock worth $32,873,000 after purchasing an additional 108,645 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Incyte by 941.8% in the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after purchasing an additional 291,293 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Oppenheimer boosted their price target 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. Barclays reiterated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Wall Street Zen lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Weiss Ratings upgraded shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Finally, Royal Bank Of Canada reduced their price target on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. Ten equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $104.26.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $95.60 on Wednesday. The company has a market cap of $19.10 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 0.91 and a beta of 0.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The firm has a 50 day simple moving average of $95.33 and a 200 day simple moving average of $99.60. Incyte Corporation has a one year low of $63.51 and a one year high of $112.29.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating the consensus estimate of $1.38 by $0.43. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm’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 EPS. Research analysts predict that Incyte Corporation will post 6.74 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In related 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 transaction of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Incyte Company 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.