Amundi Purchases 229,783 Shares of Incyte Corporation $INCY

Key Points

• Amundi increased its Incyte position by 29.7% in the first quarter, adding 229,783 shares to own 1,003,969 shares worth approximately $94.5 million, or 0.5% of the company.
• Analysts raised several price targets, including Guggenheim’s increase to $150 with a “buy” rating, but the overall consensus remains “Hold” with a $117.74 target.
• Incyte reported stronger-than-expected quarterly results, posting $3.09 in adjusted EPS versus $2.15 expected and $1.67 billion in revenue, up 37.7% year over year.

Amundi raised its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 29.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,003,969 shares of the biopharmaceutical company's stock after acquiring an additional 229,783 shares during the quarter. Amundi owned approximately 0.50% of Incyte worth $94,494,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Elyxium Wealth LLC bought a new position in Incyte during the 4th quarter valued at approximately $28,000. Smithfield Trust Co raised its holdings in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock valued at $28,000 after acquiring an additional 162 shares in the last quarter. MUFG Securities EMEA plc bought a new position in shares of Incyte during the second quarter valued at approximately $32,000. CYBER HORNET ETFs LLC purchased a new stake in Incyte in the second quarter worth $33,000. Finally, Leonteq Securities AG purchased a new stake in Incyte in the fourth quarter worth $35,000. 96.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on INCY shares. BMO Capital Markets lifted their price target on shares of Incyte from $112.00 to $130.00 and gave the company a "market perform" rating in a report on Wednesday. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a report on Tuesday. UBS Group lifted their price objective on Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Royal Bank Of Canada upped their target price on Incyte from $99.00 to $109.00 and gave the stock a "sector perform" rating in a report on Wednesday. Finally, Guggenheim increased their target price on Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. According to MarketBeat.com, Incyte currently has a consensus rating of "Hold" and a consensus price target of $117.74.

Incyte Price Performance

NASDAQ:INCY opened at $119.52 on Friday. Incyte Corporation has a one year low of $73.81 and a one year high of $132.60. The company's 50-day simple moving average is $109.54 and its 200 day simple moving average is $102.24. The firm has a market capitalization of $24.23 billion, a P/E ratio of 15.23, a PEG ratio of 1.55 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business's revenue was up 37.7% on a year-over-year basis. During the same period last year, the business earned $1.57 earnings per share. On average, equities research analysts expect that Incyte Corporation will post 2.5 earnings per share for the current fiscal 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.

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