Convergence Investment Partners LLC Has $2.92 Million Stock Holdings in Incyte Corporation $INCY

Convergence Investment Partners LLC lifted its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 46.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,020 shares of the biopharmaceutical company’s stock after purchasing an additional 9,818 shares during the period. Convergence Investment Partners LLC’s holdings in Incyte were worth $2,920,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in Incyte by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock valued at $185,873,000 after buying an additional 187,354 shares during the period. AlphaCentric Advisors LLC grew its position in shares of Incyte by 5.7% during the 1st quarter. AlphaCentric Advisors LLC now owns 14,245 shares of the biopharmaceutical company’s stock worth $1,341,000 after buying an additional 774 shares during the period. SEB Asset Management AB acquired a new stake in shares of Incyte during the 1st quarter worth approximately $60,817,000. Swiss National Bank grew its position in shares of Incyte by 7.7% during the 1st quarter. Swiss National Bank now owns 489,774 shares of the biopharmaceutical company’s stock worth $46,098,000 after buying an additional 34,900 shares during the period. Finally, Mediolanum International Funds Ltd lifted its position in shares of Incyte by 25.4% during the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock valued at $5,447,000 after acquiring an additional 12,227 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on INCY. Royal Bank Of Canada increased their target price on shares of Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Incyte in a research note on Monday, June 29th. Oppenheimer reiterated a “market perform” rating and set a $107.00 price objective on shares of Incyte in a report on Monday, June 8th. Citigroup reissued a “market perform” rating on shares of Incyte in a research report on Wednesday, July 15th. Finally, Truist Financial raised their target price on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research note on Monday, June 22nd. Eight research analysts have rated the stock with a Buy rating and fourteen have assigned 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 $109.95.

Incyte Price Performance

Shares of NASDAQ INCY opened at $115.65 on Tuesday. Incyte Corporation has a fifty-two week low of $67.17 and a fifty-two week high of $119.60. The stock has a market cap of $23.10 billion, a price-to-earnings ratio of 16.33, a PEG ratio of 1.06 and a beta of 0.76. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The firm’s 50-day simple moving average is $105.29 and its 200 day simple moving average is $101.16.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (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 the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.16 EPS. As a group, research analysts anticipate that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

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.