Casdin Capital LLC Acquires Shares of 100,000 Incyte Corporation $INCY

Casdin Capital LLC bought a new position in shares of Incyte Corporation (NASDAQ:INCY) during the third quarter, Holdings Channel.com reports. The firm bought 100,000 shares of the biopharmaceutical company’s stock, valued at approximately $8,481,000. Incyte comprises 0.7% of Casdin Capital LLC’s investment portfolio, making the stock its 21st largest position.

Several other institutional investors have also recently made changes to their positions in the company. Bank of Nova Scotia lifted its position in Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after buying an additional 124 shares during the period. MAI Capital Management grew its position in shares of Incyte by 19.9% in the 2nd quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after buying an additional 125 shares during the period. Atlantic Edge Private Wealth Management LLC grew its position in shares of Incyte by 0.9% in the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after buying an additional 125 shares during the period. Perbak Capital Partners LLP increased its stake in shares of Incyte by 2.5% in the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock worth $449,000 after acquiring an additional 129 shares in the last quarter. Finally, E Fund Management Co. Ltd. increased its stake in shares of Incyte by 0.8% in the 2nd quarter. E Fund Management Co. Ltd. now owns 19,912 shares of the biopharmaceutical company’s stock worth $1,356,000 after acquiring an additional 158 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Insider Transactions at Incyte

In other news, EVP Michael James Morrissey sold 4,323 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $97.26, for a total transaction of $420,454.98. Following the completion of the transaction, the executive vice president directly owned 27,507 shares of the company’s stock, valued at $2,675,330.82. The trade was a 13.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the transaction, the executive vice president owned 66,132 shares in the company, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 72,561 shares of company stock worth $7,195,307 over the last three months. 17.80% of the stock is currently owned by company insiders.

Incyte Trading Up 0.6%

Incyte stock opened at $92.54 on Friday. Incyte Corporation has a one year low of $53.56 and a one year high of $112.29. The business’s fifty day moving average is $101.78 and its 200 day moving average is $96.56. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. The stock has a market capitalization of $18.42 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 0.73 and a beta of 0.84.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. Incyte’s revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.43 EPS. On average, sell-side analysts predict that Incyte Corporation will post 4.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on INCY. Wells Fargo & Company dropped their price objective on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 11th. HC Wainwright reissued a “buy” rating and issued a $135.00 target price on shares of Incyte in a research note on Monday, March 9th. Royal Bank Of Canada reduced their price target on Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a report on Wednesday, February 11th. Piper Sandler lifted their price target on Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Finally, Wall Street Zen cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Ten analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Incyte currently has an average rating of “Hold” and an average price target of $104.00.

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.