Plato Investment Management Ltd Makes New $524,000 Investment in Incyte Co. (NASDAQ:INCY)

Plato Investment Management Ltd acquired a new position in shares of Incyte Co. (NASDAQ:INCY) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 9,197 shares of the biopharmaceutical company’s stock, valued at approximately $524,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Incyte by 0.9% in the first quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after acquiring an additional 196,440 shares during the last quarter. LSV Asset Management grew its holdings in Incyte by 2.3% during the 1st quarter. LSV Asset Management now owns 2,754,777 shares of the biopharmaceutical company’s stock worth $156,940,000 after acquiring an additional 62,950 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in shares of Incyte by 7.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,514,634 shares of the biopharmaceutical company’s stock valued at $143,259,000 after buying an additional 177,852 shares during the last quarter. Norges Bank bought a new stake in Incyte in the fourth quarter worth about $123,253,000. Finally, Los Angeles Capital Management LLC lifted its holdings in Incyte by 37.1% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,570,296 shares of the biopharmaceutical company’s stock worth $98,599,000 after purchasing an additional 424,934 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on INCY. Royal Bank of Canada upped their price target on Incyte from $61.00 to $66.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research note on Tuesday, June 18th. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft raised their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday. Finally, Citigroup boosted their target price on shares of Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Incyte currently has a consensus rating of “Hold” and an average price target of $73.24.

Insider Activity at Incyte

In related news, EVP Vijay K. Iyengar sold 15,571 shares of Incyte stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the sale, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 1,306 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at $3,725,715.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,282 shares of company stock worth $2,876,911. 17.50% of the stock is owned by insiders.

Incyte Stock Performance

NASDAQ INCY traded down $0.30 during trading hours on Friday, hitting $64.12. 912,004 shares of the stock were exchanged, compared to its average volume of 2,551,826. The company has a market cap of $12.35 billion, a price-to-earnings ratio of 19.52, a price-to-earnings-growth ratio of 1.15 and a beta of 0.73. The company has a quick ratio of 3.43, a current ratio of 1.89 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average of $61.74 and a 200 day moving average of $58.80. Incyte Co. has a 12-month low of $50.27 and a 12-month high of $70.36.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.77 earnings per share. As a group, equities research analysts forecast that Incyte Co. will post 3.35 earnings per share for the current year.

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.