Verition Fund Management LLC Makes New Investment in Incyte Co. (NASDAQ:INCY)

Verition Fund Management LLC bought a new position in shares of Incyte Co. (NASDAQ:INCY) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 40,467 shares of the biopharmaceutical company’s stock, valued at approximately $2,675,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INCY. Public Sector Pension Investment Board raised its holdings in shares of Incyte by 4.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 6,622 shares of the biopharmaceutical company’s stock worth $438,000 after acquiring an additional 300 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Incyte by 30.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 160,415 shares of the biopharmaceutical company’s stock worth $10,603,000 after acquiring an additional 37,132 shares during the period. CreativeOne Wealth LLC purchased a new position in shares of Incyte during the 3rd quarter worth $457,000. Bridgewater Associates LP raised its holdings in shares of Incyte by 142.8% during the 3rd quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock worth $20,401,000 after acquiring an additional 181,504 shares during the period. Finally, Freedom Investment Management Inc. purchased a new position in shares of Incyte during the 3rd quarter worth $1,064,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of Incyte stock opened at $74.62 on Thursday. Incyte Co. has a one year low of $50.35 and a one year high of $83.95. The company has a market cap of $14.38 billion, a PE ratio of 533.00, a P/E/G ratio of 8.44 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. The business has a 50-day simple moving average of $71.34 and a 200-day simple moving average of $65.51.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The business’s quarterly revenue was up 23.8% compared to the same quarter last year. On average, equities research analysts forecast that Incyte Co. will post 0.4 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on INCY. Oppenheimer lifted their price target on Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Royal Bank of Canada lifted their price target on Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, November 14th. Guggenheim boosted their price objective on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. William Blair restated an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Finally, Morgan Stanley boosted their price objective on shares of Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and an average price target of $77.16.

Insider Transactions at Incyte

In related news, EVP Vijay K. Iyengar sold 6,043 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the transaction, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at $2,311,000.04. This represents a 16.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,745 shares of company stock valued at $1,311,687. 17.60% of the stock is currently owned by corporate insiders.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.