Avoro Capital Advisors LLC Buys Shares of 135,000 Incyte Corporation $INCY

Avoro Capital Advisors LLC bought a new stake in Incyte Corporation (NASDAQ:INCY) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 135,000 shares of the biopharmaceutical company’s stock, valued at approximately $13,334,000.

Several other hedge funds have also recently made changes to their positions in INCY. Norges Bank bought a new stake in shares of Incyte in the fourth quarter valued at $122,893,000. Caisse de depot et placement du Quebec raised its stake in shares of Incyte by 264.5% in the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock valued at $127,046,000 after buying an additional 1,087,091 shares during the period. Marshall Wace LLP grew its position in shares of Incyte by 6,586.4% in the fourth quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after purchasing an additional 1,056,451 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Incyte by 5,218.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock valued at $58,950,000 after purchasing an additional 585,618 shares in the last quarter. Finally, Man Group plc grew its position in shares of Incyte by 52.8% in the second quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company’s stock valued at $109,687,000 after purchasing an additional 556,243 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction dated 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 transaction, the insider directly owned 262,692 shares in the company, valued at $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Incyte Price Performance

Incyte stock opened at $99.75 on Wednesday. Incyte Corporation has a 52 week low of $66.74 and a 52 week high of $112.29. The business has a 50-day simple moving average of $97.97 and a 200 day simple moving average of $99.06. 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 stock has a market cap of $19.93 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 0.99 and a beta of 0.79.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the business earned $1.16 earnings per share. The firm’s revenue was up 20.9% on a year-over-year basis. On average, research analysts forecast that Incyte Corporation will post 6.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INCY has been the subject of several recent research reports. HC Wainwright lifted their price target on Incyte from $135.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Jefferies Financial Group cut Incyte from a “buy” rating to a “hold” rating and reduced their price target for the company from $120.00 to $94.00 in a research report on Monday, March 16th. TD Cowen reiterated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Finally, UBS Group reduced their price target on Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a research report on Wednesday, March 25th. Eight analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus price target of $105.10.

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.