Martingale Asset Management L P Boosts Stock Position in Incyte Corporation $INCY

Martingale Asset Management L P grew its stake in shares of Incyte Corporation (NASDAQ:INCY) by 161.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 157,614 shares of the biopharmaceutical company’s stock after buying an additional 97,232 shares during the period. Martingale Asset Management L P’s holdings in Incyte were worth $15,568,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Incyte by 4.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,574,718 shares of the biopharmaceutical company’s stock valued at $155,535,000 after buying an additional 71,133 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Incyte by 44.0% in the 4th quarter. Wells Fargo & Company MN now owns 294,078 shares of the biopharmaceutical company’s stock worth $29,046,000 after purchasing an additional 89,856 shares in the last quarter. Banco Santander S.A. purchased a new position in Incyte in the 4th quarter worth approximately $551,000. Advisors Asset Management Inc. lifted its holdings in Incyte by 15.2% in the 4th quarter. Advisors Asset Management Inc. now owns 18,094 shares of the biopharmaceutical company’s stock worth $1,787,000 after purchasing an additional 2,383 shares in the last quarter. Finally, DRW Securities LLC purchased a new position in Incyte in the 4th quarter worth approximately $338,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Performance

NASDAQ:INCY opened at $108.53 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. Incyte Corporation has a 1 year low of $66.74 and a 1 year high of $112.29. The stock’s 50 day simple moving average is $97.78 and its two-hundred day simple moving average is $99.18. The company has a market cap of $21.68 billion, a price-to-earnings ratio of 15.33, a PEG ratio of 1.05 and a beta of 0.79.

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

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider owned 262,692 shares of the company’s stock, valued at $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through 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.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Sanford C. Bernstein assumed coverage on Incyte in a report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price target on the stock. HC Wainwright boosted their price target on Incyte from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday. TD Cowen reissued a “hold” rating on shares of Incyte in a report on Tuesday. Jefferies Financial Group cut Incyte from a “buy” rating to a “hold” rating and lowered their price target for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Finally, UBS Group lowered their price target on Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a report on Wednesday, March 25th. Eight analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $105.10.

Incyte 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.