Piedmont Investment Advisors Inc. Grows Holdings in Incyte Co. (INCY)

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Piedmont Investment Advisors Inc. raised its stake in Incyte Co. (NASDAQ:INCY) by 2.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,628 shares of the biopharmaceutical company’s stock after purchasing an additional 321 shares during the period. Piedmont Investment Advisors Inc.’s holdings in Incyte were worth $1,344,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in INCY. Norges Bank acquired a new position in shares of Incyte in the fourth quarter valued at $186,630,000. Two Sigma Investments LP increased its holdings in shares of Incyte by 88.2% in the fourth quarter. Two Sigma Investments LP now owns 1,211,513 shares of the biopharmaceutical company’s stock valued at $77,040,000 after purchasing an additional 567,826 shares during the last quarter. Eagle Asset Management Inc. acquired a new position in shares of Incyte in the first quarter valued at $37,747,000. Victory Capital Management Inc. increased its holdings in shares of Incyte by 13,339.9% in the first quarter. Victory Capital Management Inc. now owns 349,707 shares of the biopharmaceutical company’s stock valued at $30,078,000 after purchasing an additional 347,105 shares during the last quarter. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of Incyte by 39.9% in the first quarter. Frontier Capital Management Co. LLC now owns 1,062,890 shares of the biopharmaceutical company’s stock valued at $91,419,000 after purchasing an additional 303,029 shares during the last quarter. Hedge funds and other institutional investors own 91.30% of the company’s stock.

In related news, EVP Paula J. Swain sold 10,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $87.01, for a total transaction of $870,100.00. Following the completion of the sale, the executive vice president now owns 38,295 shares of the company’s stock, valued at $3,332,047.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 17.10% of the company’s stock.

INCY stock opened at $81.75 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.21 and a current ratio of 5.22. Incyte Co. has a 52 week low of $57.00 and a 52 week high of $88.83. The stock has a market capitalization of $17.53 billion, a P/E ratio of 99.70 and a beta of 1.31.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 30th. The biopharmaceutical company reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.29. Incyte had a net margin of 12.66% and a return on equity of 13.28%. The business had revenue of $497.86 million during the quarter, compared to analysts’ expectations of $488.00 million. During the same quarter in the prior year, the business posted ($0.01) earnings per share. Incyte’s revenue was up 30.2% compared to the same quarter last year. On average, analysts predict that Incyte Co. will post 1.78 EPS for the current year.

Several research firms have commented on INCY. Royal Bank of Canada upped their price objective on shares of Incyte to $89.00 and gave the company an “outperform” rating in a report on Friday, February 15th. Stifel Nicolaus began coverage on shares of Incyte in a research note on Wednesday, April 10th. They issued a “hold” rating and a $82.00 price target on the stock. BidaskClub downgraded shares of Incyte from a “sell” rating to a “strong sell” rating in a research note on Wednesday, April 24th. Argus upped their price target on shares of Incyte from $83.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, February 25th. Finally, Barclays restated a “buy” rating and issued a $90.00 price target on shares of Incyte in a research note on Sunday, April 14th. Thirteen analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Incyte currently has a consensus rating of “Buy” and an average price target of $91.07.

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About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

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