Convergence Investment Partners LLC Has $2.92 Million Stock Holdings in Incyte Corporation $INCY

Convergence Investment Partners LLC boosted its stake in Incyte Corporation (NASDAQ:INCY) by 46.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,020 shares of the biopharmaceutical company’s stock after purchasing an additional 9,818 shares during the period. Convergence Investment Partners LLC’s holdings in Incyte were worth $2,920,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Incyte during the 4th quarter worth $122,893,000. Caisse de depot et placement du Quebec increased its holdings in Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after purchasing an additional 1,087,091 shares in the last quarter. Marshall Wace LLP raised its position in Incyte by 6,586.4% in the fourth quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after purchasing an additional 1,056,451 shares during the last quarter. Wellington Management Group LLP raised its position in Incyte by 3,406.8% in the fourth quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock valued at $73,028,000 after purchasing an additional 718,294 shares during the last quarter. Finally, SEB Asset Management AB acquired a new stake in shares of Incyte during the first quarter valued at about $60,817,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INCY. BMO Capital Markets boosted their price target on Incyte from $94.00 to $112.00 and gave the stock a “market perform” rating in a report on Monday, July 13th. Oppenheimer reiterated a “market perform” rating and issued a $107.00 price objective on shares of Incyte in a report on Monday, June 8th. Stifel Nicolaus set a $123.00 target price on shares of Incyte in a research report on Tuesday, June 9th. Royal Bank Of Canada boosted their target price on shares of Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Finally, Citigroup restated a “market perform” rating on shares of Incyte in a research report on Wednesday, July 15th. Eight analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $109.95.

Incyte Stock Performance

NASDAQ:INCY opened at $115.65 on Tuesday. The company has a market capitalization of $23.10 billion, a PE ratio of 16.33, a P/E/G ratio of 1.06 and a beta of 0.76. The company has a 50 day simple moving average of $105.29 and a two-hundred day simple moving average 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. Incyte Corporation has a fifty-two week low of $67.17 and a fifty-two week high of $119.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results 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 net margin of 26.71% and a return on equity of 26.66%. The firm 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 earned $1.16 EPS. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. Research analysts anticipate that Incyte Corporation will post 6.61 earnings per share for the current year.

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.