L2 Asset Management LLC Takes $4.16 Million Position in Incyte Corporation $INCY

L2 Asset Management LLC acquired a new stake in Incyte Corporation (NASDAQ:INCY) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 42,067 shares of the biopharmaceutical company’s stock, valued at approximately $4,155,000.

Several other large investors also recently made changes to their positions in INCY. AustralianSuper Pty Ltd bought a new stake in Incyte in the 3rd quarter valued at $18,085,000. Nordea Investment Management AB raised its stake in Incyte by 941.8% in the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock valued at $31,874,000 after acquiring an additional 291,293 shares during the period. Toth Financial Advisory Corp bought a new stake in Incyte in the 4th quarter valued at $1,213,000. Fairvoy Private Wealth LLC increased its position in Incyte by 468.8% during the 4th quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock worth $2,980,000 after buying an additional 24,865 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ increased its position in Incyte by 1,346.2% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,234 shares of the biopharmaceutical company’s stock worth $48,446,000 after buying an additional 531,734 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the topic of several recent research reports. Stifel Nicolaus set a $123.00 price objective on Incyte in a research report on Tuesday, June 9th. Sanford C. Bernstein initiated coverage on Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price objective on the stock. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. UBS Group lowered their price objective on Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 25th. Finally, BMO Capital Markets reiterated an “underperform” rating on shares of Incyte in a research report on Monday. Eight research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Incyte presently has an average rating of “Hold” and an average price target of $105.10.

Incyte Stock Performance

INCY opened at $101.98 on Tuesday. The firm has a market cap of $20.37 billion, a P/E ratio of 14.40, a price-to-earnings-growth ratio of 1.06 and a beta of 0.79. Incyte Corporation has a 52-week low of $66.74 and a 52-week high of $112.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The business’s fifty day moving average is $97.90 and its 200-day moving average is $99.10.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.43. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte’s quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.16 EPS. Sell-side analysts expect that Incyte Corporation will post 6.64 EPS for the current fiscal year.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

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.