Avoro Capital Advisors LLC Takes $13.33 Million Position in Incyte Corporation $INCY

Avoro Capital Advisors LLC bought a new stake in Incyte Corporation (NASDAQ:INCY) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 135,000 shares of the biopharmaceutical company’s stock, valued at approximately $13,334,000. Avoro Capital Advisors LLC owned approximately 0.07% of Incyte as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Geode Capital Management LLC lifted its holdings in shares of 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Incyte by 13.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after purchasing an additional 373,298 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock valued at $263,106,000 after purchasing an additional 23,087 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Incyte by 7.0% in the fourth 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 purchasing an additional 161,405 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Incyte by 30.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company’s stock valued at $211,927,000 after purchasing an additional 527,703 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of recent research reports. Citigroup restated a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Stifel Nicolaus set a $123.00 target price on Incyte in a report on Tuesday, June 9th. TD Cowen reiterated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Sanford C. Bernstein assumed coverage on Incyte in a report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target on the stock. Finally, UBS Group dropped 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 equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Incyte presently has a consensus rating of “Hold” and an average target price of $105.10.

Incyte Stock Performance

Shares of Incyte stock opened at $99.75 on Wednesday. The business’s fifty day simple moving average is $97.97 and its 200 day simple moving average is $99.06. The firm has a market capitalization of $19.93 billion, a P/E ratio of 14.09, a price-to-earnings-growth ratio of 0.99 and a beta of 0.79. Incyte Corporation has a 12 month low of $66.74 and a 12 month high of $112.29. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results 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 business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period last year, the company posted $1.16 earnings per share. As a group, analysts anticipate that Incyte Corporation will post 6.64 EPS for the current year.

Insider Activity

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction 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 directly owned 262,692 shares in the company, valued at $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The sale was disclosed in a 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.

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.