PSP Research LLC Purchases Shares of 5,350 Incyte Corporation $INCY

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

Other hedge funds also recently bought and sold shares of the company. Root Financial Partners LLC bought a new stake in Incyte during the third quarter valued at about $28,000. Elyxium Wealth LLC bought a new stake in Incyte during the fourth quarter valued at about $28,000. MUFG Securities EMEA plc bought a new stake in Incyte during the second quarter valued at about $32,000. CYBER HORNET ETFs LLC bought a new stake in Incyte during the second quarter valued at about $33,000. Finally, Atlantic Union Bankshares Corp bought a new stake in Incyte during the third quarter valued at about $42,000. 96.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Barclays restated an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Wall Street Zen cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Morgan Stanley set a $102.00 target price on shares of Incyte in a research note on Wednesday, February 11th. Wells Fargo & Company reduced their target price on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 11th. Finally, Oppenheimer increased their target price on shares of Incyte from $84.00 to $90.00 and gave the company a “market perform” rating in a research note on Wednesday, April 29th. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.26.

Incyte Stock Performance

NASDAQ:INCY opened at $95.60 on Wednesday. Incyte Corporation has a 12-month low of $63.51 and a 12-month high of $112.29. 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 firm has a market capitalization of $19.10 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.91 and a beta of 0.79. The firm has a 50-day moving average price of $95.33 and a 200 day moving average price of $99.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the business posted $1.16 earnings per share. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. Research analysts anticipate 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 the stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 owned by company insiders.

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.