Long Corridor Asset Management Ltd Takes $22.79 Million Position in Incyte Co. (NASDAQ:INCY)

Long Corridor Asset Management Ltd acquired a new position in shares of Incyte Co. (NASDAQ:INCY) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 330,000 shares of the biopharmaceutical company’s stock, valued at approximately $22,793,000. Incyte accounts for 17.1% of Long Corridor Asset Management Ltd’s portfolio, making the stock its biggest position. Long Corridor Asset Management Ltd owned approximately 0.17% of Incyte at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quintet Private Bank Europe S.A. bought a new position in Incyte in the 4th quarter valued at about $26,000. Global X Japan Co. Ltd. increased its position in shares of Incyte by 144.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 230 shares during the period. R Squared Ltd acquired a new stake in shares of Incyte in the fourth quarter valued at $30,000. Brooklyn Investment Group bought a new position in Incyte during the third quarter valued at about $30,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Incyte during the third quarter worth about $33,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Up 1.4 %

INCY opened at $62.78 on Tuesday. The company has a market capitalization of $12.15 billion, a PE ratio of 232.53, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The business has a 50-day moving average of $70.42 and a 200-day moving average of $70.17. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

Incyte (NASDAQ:INCY) last posted its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. Equities research analysts forecast that Incyte Co. will post 4.86 EPS for the current fiscal year.

Insider Activity

In other news, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the transaction, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. This trade represents a 2.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 19,807 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the transaction, the executive vice president now owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. This represents a 37.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,827 shares of company stock valued at $3,322,618 over the last 90 days. 17.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Morgan Stanley cut their price target on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Friday, January 10th. StockNews.com cut Incyte from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Guggenheim downgraded Incyte from a “buy” rating to a “neutral” rating and set a $92.00 target price for the company. in a report on Tuesday, March 18th. Finally, Royal Bank of Canada dropped their price target on Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $74.88.

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.