Dorsey Wright & Associates Buys Shares of 12,735 Incyte Corporation $INCY

Key Points

• Dorsey Wright & Associates opened a new position in Incyte during the first quarter, buying 12,735 shares valued at about $1.2 million.
• Incyte reported strong quarterly results, posting $1.81 EPS versus the $1.38 estimate and $1.27 billion in revenue, up 20.9% from a year earlier.
• The stock was trading near its 52-week high at $117.25, while analysts currently rate it Hold on average with a consensus price target of $109.95.

Dorsey Wright & Associates purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 12,735 shares of the biopharmaceutical company's stock, valued at approximately $1,199,000.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in Incyte in the 4th quarter valued at about $122,893,000. Caisse de depot et placement du Quebec boosted its stake in Incyte by 264.5% during the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company's stock worth $127,046,000 after buying an additional 1,087,091 shares during the period. Marshall Wace LLP increased its position in shares of 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 acquiring an additional 1,056,451 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Incyte by 3,406.8% in the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company's stock valued at $73,028,000 after acquiring an additional 718,294 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Incyte by 5,218.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock valued at $58,950,000 after acquiring an additional 585,618 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Stock Up 0.5%

Shares of INCY opened at $117.25 on Friday. The stock has a market capitalization of $23.42 billion, a PE ratio of 16.56, a P/E/G ratio of 1.06 and a beta of 0.76. Incyte Corporation has a 1 year low of $67.17 and a 1 year high of $119.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The company's 50-day simple moving average is $104.99 and its 200-day simple moving average is $101.03.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating the consensus estimate of $1.38 by $0.43. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.16 earnings per share. Analysts forecast that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. TD Cowen restated a "hold" rating on shares of Incyte in a report on Tuesday, June 9th. HC Wainwright reissued a "buy" rating on shares of Incyte in a research report on Tuesday. Weiss Ratings restated a "buy (b-)" rating on shares of Incyte in a research note on Monday, June 29th. Stifel Nicolaus set a $123.00 price target on Incyte in a research note on Tuesday, June 9th. Finally, Oppenheimer restated a "market perform" rating and set a $107.00 price target on shares of Incyte in a research report on Monday, June 8th. 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, Incyte has an average rating of "Hold" and an average price target of $109.95.

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.

Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Corporation (NASDAQ:INCY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.