Burney Co. Boosts Stock Holdings in Incyte Corporation $INCY

Burney Co. raised its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 247.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 102,842 shares of the biopharmaceutical company's stock after purchasing an additional 73,274 shares during the period. Burney Co. owned 0.05% of Incyte worth $9,679,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in INCY. Norges Bank bought a new position in shares of Incyte during the 4th quarter worth $122,893,000. Caisse de depot et placement du Quebec raised its stake 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 valued at $127,046,000 after acquiring an additional 1,087,091 shares during the period. Marshall Wace LLP lifted its holdings in Incyte by 6,586.4% during 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 lifted its holdings in Incyte by 3,406.8% during 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, Northwestern Mutual Wealth Management Co. boosted its position in Incyte by 5,218.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock worth $58,950,000 after purchasing an additional 585,618 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Incyte Price Performance

INCY stock opened at $115.62 on Tuesday. The firm has a 50 day moving average of $101.53 and a 200-day moving average of $99.99. The firm has a market capitalization of $23.10 billion, a P/E ratio of 16.33, a price-to-earnings-growth ratio of 1.07 and a beta of 0.76. Incyte Corporation has a 12 month low of $66.85 and a 12 month high of $118.69. 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 - Get Free Report) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.22 billion. During the same period in the prior year, the company posted $1.16 EPS. The business's revenue for the quarter was up 20.9% compared to the same quarter last year. As a group, sell-side analysts predict that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on INCY shares. BMO Capital Markets raised shares of Incyte from an "underperform" rating to a "market perform" rating and boosted their price target for the company from $75.00 to $94.00 in a research report on Monday, June 22nd. Sanford C. Bernstein assumed coverage on shares of Incyte in a report on Thursday, May 21st. They issued a "market perform" rating and a $99.00 price objective for the company. Barclays reiterated an "overweight" rating on shares of Incyte in a research note on Tuesday, March 24th. Citigroup restated a "market perform" rating on shares of Incyte in a research report on Tuesday, June 2nd. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Incyte in a report on Monday, June 29th. Eight research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $107.85.

Insider Buying and Selling at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The shares were 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 of the company's stock, valued at $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company's stock.

Incyte Company 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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