ARK Investment Management LLC Grows Position in Incyte Corporation (NASDAQ:INCY)

Key Points

• ARK Investment Management LLC has increased its stake in Incyte Corporation by 3.9%, now owning 168,106 shares valued at approximately $10.18 million.
• Several institutional investors, including Norges Bank and Jacobs Levy Equity Management, have significantly boosted their investments in Incyte, with hedge funds collectively owning 96.97% of the company's stock.
• Incyte reported strong quarterly earnings, with an EPS of $1.16, surpassing estimates, and a revenue increase of 19.5% year-over-year, reaching $1.05 billion.

ARK Investment Management LLC grew its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 3.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 168,106 shares of the biopharmaceutical company's stock after acquiring an additional 6,331 shares during the period. ARK Investment Management LLC owned about 0.09% of Incyte worth $10,179,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of INCY. Raiffeisen Bank International AG purchased a new stake in shares of Incyte in the fourth quarter valued at $34,000. NBC Securities Inc. increased its stake in shares of Incyte by 88,200.0% in the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after acquiring an additional 882 shares during the last quarter. Huntington National Bank increased its stake in shares of Incyte by 40.7% in the fourth quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company's stock worth $65,000 after acquiring an additional 270 shares during the last quarter. Intact Investment Management Inc. acquired a new position in shares of Incyte in the first quarter worth $73,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Incyte by 474.1% in the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after acquiring an additional 1,280 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Trading Up 0.7%

Shares of Incyte stock traded up $0.53 during trading on Wednesday, reaching $77.91. The company's stock had a trading volume of 1,031,488 shares, compared to its average volume of 1,872,175. The company has a market cap of $15.08 billion, a price-to-earnings ratio of 243.09, a PEG ratio of 0.59 and a beta of 0.68. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01. The firm's 50-day moving average is $68.26 and its two-hundred day moving average is $66.59. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. Incyte had a net margin of 0.48% and a return on equity of 2.77%. The business's revenue was up 19.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 earnings per share. On average, sell-side analysts anticipate that Incyte Corporation will post 4.86 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on INCY shares. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and increased their target price for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Wells Fargo & Company increased their target price on shares of Incyte from $59.00 to $67.00 and gave the company an "equal weight" rating in a research note on Wednesday. Citigroup raised their price target on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday. JPMorgan Chase & Co. cut their price target on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a research note on Monday, July 14th. Finally, Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Incyte has an average rating of "Hold" and a consensus price target of $77.73.

Insider Activity

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the sale, the executive vice president directly owned 26,504 shares in the company, valued at approximately $1,818,439.44. This trade represents a 2.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the sale, the executive vice president owned 37,630 shares of the company's stock, valued at $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,098 shares of company stock valued at $3,836,196 in the last quarter. 17.80% of the stock is owned by company 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.