First Trust Advisors LP Boosts Stock Position in Incyte Corporation $INCY

First Trust Advisors LP increased its holdings in Incyte Corporation (NASDAQ:INCY) by 17.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,500,792 shares of the biopharmaceutical company’s stock after purchasing an additional 224,206 shares during the period. First Trust Advisors LP’s holdings in Incyte were worth $141,255,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of INCY. Elyxium Wealth LLC purchased a new position in shares of Incyte in the 4th quarter worth $28,000. Smithfield Trust Co raised its position in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new stake in shares of Incyte during the 2nd quarter valued at about $32,000. CYBER HORNET ETFs LLC bought a new position in shares of Incyte in the 2nd quarter valued at about $33,000. Finally, Leonteq Securities AG bought a new position in shares of Incyte in the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on INCY shares. BMO Capital Markets boosted their price objective on Incyte from $94.00 to $112.00 and gave the stock a “market perform” rating in a research note on Monday, July 13th. Morgan Stanley raised their price objective on Incyte from $103.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday. Sanford C. Bernstein started coverage on Incyte in a report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 target price for the company. UBS Group boosted their target price on Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Finally, JPMorgan Chase & Co. increased their price target on Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $111.10.

Incyte Trading Up 0.8%

Shares of NASDAQ INCY opened at $116.69 on Friday. Incyte Corporation has a fifty-two week low of $69.69 and a fifty-two week high of $119.60. 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 company has a market cap of $23.31 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.05 and a beta of 0.76. The business’s 50 day moving average price is $106.38 and its 200-day moving average price is $101.52.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data 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 company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.16 EPS. On average, sell-side analysts expect that Incyte Corporation will post 6.61 earnings per share for the current 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.