Empowered Funds LLC Purchases 195,112 Shares of Incyte Corporation $INCY

Empowered Funds LLC raised its position in Incyte Corporation (NASDAQ:INCY) by 123.3% in the 1st quarter, HoldingsChannel reports. The fund owned 353,386 shares of the biopharmaceutical company’s stock after purchasing an additional 195,112 shares during the period. Empowered Funds LLC’s holdings in Incyte were worth $33,261,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. NewEdge Advisors LLC raised its stake in shares of Incyte by 369.3% in the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after purchasing an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Incyte by 15.1% during the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after buying an additional 648 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Incyte by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after buying an additional 48,751 shares in the last quarter. United Services Automobile Association bought a new stake in Incyte in the 1st quarter valued at $219,000. Finally, Focus Partners Wealth increased its holdings in Incyte by 74.1% in the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after buying an additional 8,951 shares during the period. Institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on INCY. Royal Bank Of Canada raised their price objective on shares of Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Citigroup reissued a “market perform” rating on shares of Incyte in a research note on Wednesday, July 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of Incyte in a research report on Monday, June 29th. Stifel Nicolaus set a $123.00 price target on shares of Incyte in a research report on Tuesday, June 9th. Finally, UBS Group raised their price target on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $111.10.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $118.87 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The business’s fifty day moving average price is $107.30 and its two-hundred day moving average price is $101.72. Incyte Corporation has a fifty-two week low of $69.69 and a fifty-two week high of $120.71. The stock has a market capitalization of $23.75 billion, a price-to-earnings ratio of 16.79, a price-to-earnings-growth ratio of 1.06 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period last year, the business earned $1.16 earnings per share. The business’s revenue was up 20.9% on a year-over-year basis. As a group, analysts predict that Incyte Corporation will post 6.63 EPS for the current fiscal year.

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.