ARK Investment Management LLC Increases Holdings in Incyte Co. (NASDAQ:INCY)

ARK Investment Management LLC increased its holdings in shares of Incyte Co. (NASDAQ:INCY) by 7.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 531,625 shares of the biopharmaceutical company’s stock after purchasing an additional 37,932 shares during the period. ARK Investment Management LLC’s holdings in Incyte were worth $33,381,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in INCY. Clear Street Markets LLC lifted its holdings in Incyte by 93.6% in the 1st quarter. Clear Street Markets LLC now owns 362 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 175 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in Incyte by 91.0% in the 1st quarter. Parkside Financial Bank & Trust now owns 447 shares of the biopharmaceutical company’s stock worth $36,000 after buying an additional 213 shares in the last quarter. Salem Investment Counselors Inc. lifted its holdings in Incyte by 1,458.0% in the 2nd quarter. Salem Investment Counselors Inc. now owns 779 shares of the biopharmaceutical company’s stock worth $59,000 after buying an additional 729 shares in the last quarter. Sunbelt Securities Inc. acquired a new position in Incyte in the 1st quarter worth $71,000. Finally, Penserra Capital Management LLC lifted its holdings in Incyte by 9,866.7% in the 2nd quarter. Penserra Capital Management LLC now owns 1,196 shares of the biopharmaceutical company’s stock worth $74,000 after buying an additional 1,184 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Price Performance

NASDAQ INCY opened at $57.12 on Thursday. Incyte Co. has a 52 week low of $50.27 and a 52 week high of $76.04. The company has a current ratio of 3.55, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01. The stock has a market cap of $12.83 billion, a price-to-earnings ratio of 21.55, a price-to-earnings-growth ratio of 1.21 and a beta of 0.65. The company has a 50-day moving average price of $59.22 and a two-hundred day moving average price of $58.59.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a return on equity of 12.56% and a net margin of 16.17%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the company posted $0.44 EPS. Incyte’s revenue for the quarter was up 9.3% on a year-over-year basis. Analysts forecast that Incyte Co. will post 3.85 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on INCY. BMO Capital Markets boosted their price objective on shares of Incyte from $58.00 to $64.00 and gave the stock a “market perform” rating in a report on Wednesday, February 14th. Stifel Nicolaus upped their target price on shares of Incyte from $67.00 to $68.00 and gave the company a “hold” rating in a research note on Wednesday, February 14th. Citigroup cut their target price on shares of Incyte from $82.00 to $81.00 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Royal Bank of Canada restated a “sector perform” rating and issued a $65.00 target price on shares of Incyte in a research note on Monday. Finally, William Blair restated an “outperform” rating on shares of Incyte in a research note on Tuesday, February 6th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.07.

Insiders Place Their Bets

In other news, EVP Vijay K. Iyengar sold 657 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $65.00, for a total value of $42,705.00. Following the completion of the transaction, the executive vice president now directly owns 43,412 shares in the company, valued at $2,821,780. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 17.50% of the stock is owned by insiders.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.