Element Squared LLC Invests $2.25 Million in Incyte Corporation $INCY

Element Squared LLC acquired a new position in Incyte Corporation (NASDAQ:INCY) during the first quarter, HoldingsChannel.com reports. The institutional investor acquired 23,957 shares of the biopharmaceutical company’s stock, valued at approximately $2,255,000. Incyte comprises 1.3% of Element Squared LLC’s investment portfolio, making the stock its 16th biggest holding.

Several other hedge funds have also recently bought and sold shares of the company. Elyxium Wealth LLC bought a new stake in shares of Incyte during the fourth quarter valued at approximately $28,000. Smithfield Trust Co grew its holdings in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 162 shares in the last quarter. Atlas Capital Advisors Inc. acquired a new stake in Incyte in the 4th quarter valued at approximately $35,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Incyte in the 4th quarter valued at approximately $35,000. Finally, Leonteq Securities AG bought a new stake in Incyte during the 4th quarter valued at $35,000. 96.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Barclays reiterated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Weiss Ratings upgraded shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Citigroup reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Truist Financial increased their target price on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Monday, June 22nd. Finally, TD Cowen reissued a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Eight analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Incyte currently has a consensus rating of “Hold” and an average target price of $107.85.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $113.31 on Wednesday. The stock has a fifty day moving average price of $99.98 and a two-hundred day moving average price of $99.46. 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 firm has a market cap of $22.64 billion, a P/E ratio of 16.00, a PEG ratio of 1.12 and a beta of 0.79. Incyte Corporation has a 1 year low of $66.83 and a 1 year high of $115.56.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.16 EPS. Research analysts forecast that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated 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 transaction, the insider directly owned 262,692 shares of the company’s stock, valued at $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

About Incyte

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.