Aberdeen Group plc Grows Stock Position in Incyte Corporation $INCY

Aberdeen Group plc lifted its position in Incyte Corporation (NASDAQ:INCY) by 24.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 147,411 shares of the biopharmaceutical company’s stock after acquiring an additional 28,734 shares during the period. Aberdeen Group plc owned 0.08% of Incyte worth $12,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in INCY. Harbor Capital Advisors Inc. acquired a new stake in Incyte during the 3rd quarter worth $26,000. FNY Investment Advisers LLC acquired a new position in Incyte during the second quarter worth about $27,000. Root Financial Partners LLC purchased a new stake in Incyte during the 3rd quarter valued at about $28,000. Quent Capital LLC acquired a new stake in Incyte in the 3rd quarter valued at about $30,000. Finally, MUFG Securities EMEA plc purchased a new position in Incyte in the 2nd quarter worth approximately $32,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Performance

Shares of Incyte stock opened at $101.73 on Friday. The stock has a market capitalization of $20.25 billion, a price-to-earnings ratio of 15.87, a price-to-earnings-growth ratio of 0.82 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. The business has a 50-day moving average of $102.20 and a 200 day moving average of $94.78. Incyte Corporation has a 12 month low of $53.56 and a 12 month 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 the consensus estimate of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the company posted $1.43 EPS. The firm’s revenue for the quarter was up 27.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other news, EVP Mohamed Khairie Issa sold 10,856 shares of the company’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the sale, the executive vice president owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. This represents a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Steven H. Stein sold 20,105 shares of the stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the completion of the sale, the executive vice president owned 63,129 shares in the company, valued at approximately $6,471,353.79. The trade was a 24.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 95,225 shares of company stock worth $9,519,745. 17.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on INCY shares. Mizuho set a $121.00 price target on Incyte and gave the company an “outperform” rating in a research report on Monday, December 8th. TD Cowen reissued a “buy” rating on shares of Incyte in a research note on Tuesday, January 13th. Truist Financial set a $103.00 target price on Incyte in a report on Wednesday, December 24th. Wells Fargo & Company reduced their price target on Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 11th. Finally, Stifel Nicolaus upped their price objective on shares of Incyte from $119.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Incyte presently has a consensus rating of “Hold” and an average target price of $104.00.

Incyte Company 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.