Empowered Funds LLC Has $33.26 Million Stake in Incyte Corporation $INCY

Key Points

• Empowered Funds LLC more than doubled its Incyte stake by 123.3% in the first quarter, acquiring 195,112 additional shares. Its position totaled 353,386 shares valued at approximately $33.26 million.
• Analysts maintain a cautious outlook, with a consensus “Hold” rating and an average price target of $111.10, despite several firms raising their targets to between $99 and $113.
• Incyte’s latest quarterly results exceeded expectations, with EPS of $1.81 versus $1.38 expected and revenue of $1.27 billion, up 20.9% year over year. Shares opened at $118.87, near the company’s 52-week high.

Empowered Funds LLC lifted its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 123.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 353,386 shares of the biopharmaceutical company's stock after acquiring an additional 195,112 shares during the period. Empowered Funds LLC owned 0.18% of Incyte worth $33,261,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Elyxium Wealth LLC acquired a new position in Incyte during the fourth quarter valued at approximately $28,000. Smithfield Trust Co lifted its stake in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in shares of Incyte in the second quarter worth $32,000. CYBER HORNET ETFs LLC bought a new stake in shares of Incyte during the 2nd quarter worth $33,000. Finally, Leonteq Securities AG bought a new stake in shares of Incyte during the 4th quarter worth $35,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INCY has been the topic of a number of research analyst reports. Royal Bank Of Canada raised their target price on shares of Incyte from $95.00 to $99.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 7th. Sanford C. Bernstein began coverage on shares of Incyte in a report on Thursday, May 21st. They set a "market perform" rating and a $99.00 price target for the company. UBS Group raised their price target on Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Morgan Stanley raised their price target on Incyte from $103.00 to $104.00 and gave the company an "equal weight" rating in a research report on Thursday. Finally, BMO Capital Markets lifted their price objective on Incyte from $94.00 to $112.00 and gave the stock a "market perform" rating in a research note on Monday, July 13th. Eight analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $111.10.

Incyte Trading Up 1.0%

Shares of Incyte stock opened at $118.87 on Tuesday. The company's fifty day simple moving average is $107.30 and its 200-day simple moving average is $101.72. The company has a market cap of $23.75 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 1.06 and a beta of 0.76. 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 Corporation has a 1 year low of $69.69 and a 1 year high of $120.71.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm posted $1.16 earnings per share. Incyte's revenue was up 20.9% compared to the same quarter last year. As a group, sell-side analysts expect that Incyte Corporation will post 6.63 EPS for the current year.

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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