Fifth Third Bancorp boosted its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 145.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,289 shares of the biopharmaceutical company's stock after buying an additional 16,160 shares during the quarter. Fifth Third Bancorp's holdings in Incyte were worth $2,568,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Elyxium Wealth LLC purchased a new stake in Incyte in the fourth quarter worth $28,000. Smithfield Trust Co lifted its position in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock valued at $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc bought a new position in shares of Incyte during the 2nd quarter worth $32,000. CYBER HORNET ETFs LLC bought a new position in shares of Incyte during the 2nd quarter worth $33,000. Finally, Leonteq Securities AG purchased a new stake in Incyte in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 96.97% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on INCY shares. Truist Financial increased their target price on shares of Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a research report on Monday, June 22nd. TD Cowen reissued a "hold" rating on shares of Incyte in a research report on Tuesday, June 9th. Royal Bank Of Canada upped their price target 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. Oppenheimer reaffirmed a "market perform" rating and issued a $107.00 price objective on shares of Incyte in a report on Monday, June 8th. Finally, Barclays raised their price objective on shares of Incyte from $117.00 to $134.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Eight research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to MarketBeat, Incyte currently has a consensus rating of "Hold" and an average price target of $109.95.
Read Our Latest Analysis on INCY
Incyte Stock Performance
Shares of INCY opened at $115.65 on Tuesday. Incyte Corporation has a 12-month low of $67.17 and a 12-month high of $119.60. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The company has a market cap of $23.10 billion, a PE ratio of 16.33, a price-to-earnings-growth ratio of 1.06 and a beta of 0.76. The stock has a 50-day moving average price of $105.29 and a 200-day moving average price of $101.16.
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 the consensus estimate of $1.38 by $0.43. The company 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 firm's quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.16 earnings per share. As a group, equities analysts forecast that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.
Incyte Company Profile
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Free Report)
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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