AustralianSuper Pty Ltd Purchases Shares of 213,241 Incyte Corporation $INCY

AustralianSuper Pty Ltd acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 213,241 shares of the biopharmaceutical company’s stock, valued at approximately $18,085,000. AustralianSuper Pty Ltd owned about 0.11% of Incyte at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Victory Capital Management Inc. increased its position in Incyte by 7.4% during the third quarter. Victory Capital Management Inc. now owns 1,264,485 shares of the biopharmaceutical company’s stock worth $107,241,000 after purchasing an additional 86,691 shares during the last quarter. Focus Partners Advisor Solutions LLC increased its holdings in shares of Incyte by 29.1% during the 3rd quarter. Focus Partners Advisor Solutions LLC now owns 38,078 shares of the biopharmaceutical company’s stock worth $3,229,000 after buying an additional 8,581 shares during the last quarter. Elo Mutual Pension Insurance Co raised its position in shares of Incyte by 21.8% in the 3rd quarter. Elo Mutual Pension Insurance Co now owns 31,235 shares of the biopharmaceutical company’s stock worth $2,649,000 after buying an additional 5,595 shares during the period. Fisher Asset Management LLC boosted its holdings in Incyte by 33.5% in the third quarter. Fisher Asset Management LLC now owns 39,949 shares of the biopharmaceutical company’s stock valued at $3,388,000 after acquiring an additional 10,027 shares during the last quarter. Finally, Journey Strategic Wealth LLC purchased a new stake in Incyte during the third quarter valued at about $270,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Performance

Shares of INCY opened at $98.07 on Wednesday. The firm has a market cap of $19.52 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 0.79 and a beta of 0.84. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $102.45 and its two-hundred day moving average is $96.06. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $112.29.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the firm posted $1.43 EPS. The firm’s quarterly revenue was up 27.8% on a year-over-year basis. Analysts forecast that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on INCY. Wells Fargo & Company reduced their price target on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 11th. HC Wainwright reissued a “buy” rating and issued a $135.00 target price on shares of Incyte in a research note on Wednesday, February 11th. Weiss Ratings raised shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Piper Sandler raised their price objective on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Finally, Zacks Research cut Incyte from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $104.00.

Insider Transactions at Incyte

In other news, EVP Michael James Morrissey sold 54,008 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total value of $5,254,438.32. Following the completion of the sale, the executive vice president directly owned 31,830 shares in the company, valued at approximately $3,096,740.70. The trade was a 62.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the transaction, the executive vice president owned 66,132 shares in the company, valued at $7,213,017.24. This trade represents a 14.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 72,561 shares of company stock valued at $7,195,307. Insiders own 17.80% of the company’s stock.

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.