Dimensional Fund Advisors LP Boosts Stock Holdings in Incyte Corporation $INCY

Key Points

• Dimensional Fund Advisors LP increased its Incyte stake by 10.5% in the first quarter, ending with 1,975,544 shares valued at about $185.9 million.
• Incyte reported strong quarterly results, posting EPS of $1.81 versus the $1.38 estimate and revenue of $1.27 billion, up 20.9% year over year.
• Analyst sentiment remains mixed: the stock has a consensus rating of Hold with an average target price of $111.10, though some firms recently raised targets, including Barclays to $134.

Dimensional Fund Advisors LP lifted its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,975,544 shares of the biopharmaceutical company's stock after purchasing an additional 187,354 shares during the period. Dimensional Fund Advisors LP owned about 0.99% of Incyte worth $185,873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in INCY. NewEdge Advisors LLC raised its position in shares of Incyte by 369.3% in the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company's stock worth $763,000 after acquiring an additional 9,913 shares during the period. Jones Financial Companies Lllp grew its position in shares of Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company's stock valued at $299,000 after acquiring an additional 648 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock valued at $49,322,000 after acquiring an additional 48,751 shares during the period. United Services Automobile Association purchased a new position in shares of Incyte in the 1st quarter valued at about $219,000. Finally, Focus Partners Wealth increased its stake in shares of Incyte by 74.1% in the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company's stock valued at $1,273,000 after purchasing an additional 8,951 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Up 0.8%

INCY opened at $117.67 on Friday. The company has a market cap of $23.51 billion, a PE ratio of 16.62, a price-to-earnings-growth ratio of 1.06 and a beta of 0.76. Incyte Corporation has a twelve month low of $69.69 and a twelve month high of $119.60. The company has a 50-day moving average price of $106.82 and a 200 day moving average price of $101.63. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data 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 return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.22 billion. During the same period in the previous year, the firm posted $1.16 EPS. Incyte's revenue was up 20.9% compared to the same quarter last year. Sell-side analysts expect that Incyte Corporation will post 6.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. TD Cowen reaffirmed a "hold" rating on shares of Incyte in a report on Tuesday, June 9th. Barclays raised their price objective on Incyte from $117.00 to $134.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Morgan Stanley upped their target price on Incyte from $103.00 to $104.00 and gave the stock an "equal weight" rating in a research note on Thursday. Weiss Ratings reiterated a "buy (b-)" rating on shares of Incyte in a research report on Monday, June 29th. Finally, UBS Group increased their target price on Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Eight analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $111.10.

About Incyte

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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