Mediolanum International Funds Ltd Grows Stock Position in Incyte Corporation $INCY

Mediolanum International Funds Ltd raised its position in Incyte Corporation (NASDAQ:INCY) by 25.4% in the 1st quarter, Holdings Channel reports. The fund owned 60,300 shares of the biopharmaceutical company’s stock after acquiring an additional 12,227 shares during the period. Mediolanum International Funds Ltd’s holdings in Incyte were worth $5,447,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its position in Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock valued at $491,500,000 after purchasing an additional 506,842 shares during the period. Invesco Ltd. increased its position in Incyte by 13.2% during the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock worth $343,105,000 after purchasing an additional 405,611 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Incyte by 13.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock worth $263,246,000 after buying an additional 373,298 shares in the last quarter. Morgan Stanley raised its stake in shares of Incyte by 0.9% during the 4th quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock worth $263,106,000 after buying an additional 23,087 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Incyte by 7.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock valued at $245,028,000 after buying an additional 161,405 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on INCY. Royal Bank Of Canada upped their price objective on Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. TD Cowen reissued a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Oppenheimer restated a “market perform” rating and set a $107.00 target price on shares of Incyte in a research report on Monday, June 8th. BMO Capital Markets increased their price target on shares of Incyte from $94.00 to $112.00 and gave the company a “market perform” rating in a report on Monday, July 13th. Finally, Truist Financial boosted their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Eight analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to data from MarketBeat, Incyte has an average rating of “Hold” and a consensus price target of $109.95.

Incyte Stock Performance

Shares of INCY stock opened at $115.65 on Tuesday. The stock has a fifty day moving average price of $105.29 and a 200 day moving average price of $101.16. 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 stock has a market cap of $23.10 billion, a PE ratio of 16.33, a P/E/G ratio of 1.06 and a beta of 0.76. Incyte Corporation has a 1 year low of $67.17 and a 1 year high of $119.60.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the company earned $1.16 earnings per share. Incyte’s revenue was up 20.9% compared to the same quarter last year. Sell-side analysts forecast that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

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.