Fisher Asset Management LLC Purchases 41,225 Shares of Incyte Corporation $INCY

Key Points

• Fisher Asset Management more than doubled its stake in Incyte during the fourth quarter, buying an additional 41,225 shares and bringing its total holding to 81,174 shares worth about $8.0 million.
• Wall Street sentiment on Incyte is mixed: analysts currently have a consensus "Hold" rating with an average price target of $104, even as several firms recently maintained or raised bullish targets.
• Incyte’s latest earnings beat expectations, with EPS of $1.81 versus the $1.38 estimate and revenue of $1.27 billion, up 20.9% year over year; the stock was trading near $97.34 at the time of the report.

Fisher Asset Management LLC raised its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 103.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,174 shares of the biopharmaceutical company's stock after acquiring an additional 41,225 shares during the period. Fisher Asset Management LLC's holdings in Incyte were worth $8,018,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund boosted its holdings in Incyte by 0.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company's stock valued at $1,864,000 after acquiring an additional 100 shares during the period. Bank of Nova Scotia boosted its holdings in Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company's stock valued at $1,160,000 after acquiring an additional 124 shares during the period. Perbak Capital Partners LLP boosted its holdings in Incyte by 2.5% during the third quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company's stock valued at $449,000 after acquiring an additional 129 shares during the period. Savvy Advisors Inc. boosted its holdings in Incyte by 2.6% during the fourth quarter. Savvy Advisors Inc. now owns 5,339 shares of the biopharmaceutical company's stock valued at $527,000 after acquiring an additional 133 shares during the period. Finally, Haven Capital Group Inc. boosted its holdings in Incyte by 0.8% during the fourth quarter. Haven Capital Group Inc. now owns 17,985 shares of the biopharmaceutical company's stock valued at $1,776,000 after acquiring an additional 144 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

INCY has been the subject of a number of recent analyst reports. Barclays restated an "overweight" rating on shares of Incyte in a report on Tuesday, March 24th. Stifel Nicolaus upped their price target on shares of Incyte from $120.00 to $123.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Jefferies Financial Group cut shares of Incyte from a "buy" rating to a "hold" rating and decreased their price target for the company from $120.00 to $94.00 in a report on Monday, March 16th. HC Wainwright reiterated a "buy" rating and issued a $135.00 target price on shares of Incyte in a research note on Thursday, May 21st. Finally, Morgan Stanley set a $102.00 target price on shares of Incyte in a research note on Wednesday, February 11th. Ten investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $104.00.

Incyte Stock Up 0.2%

NASDAQ INCY opened at $97.34 on Thursday. 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 firm has a 50-day simple moving average of $95.69 and a 200 day simple moving average of $99.47. Incyte Corporation has a twelve month low of $63.92 and a twelve month high of $112.29. The stock has a market cap of $19.45 billion, a PE ratio of 13.75, a PEG ratio of 0.93 and a beta of 0.79.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $1.22 billion. During the same quarter last year, the company earned $1.16 earnings per share. The firm's revenue was up 20.9% on a year-over-year basis. On average, research analysts forecast that Incyte Corporation will post 6.74 EPS for the current year.

Insider Buying and Selling at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction dated 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 completion of the sale, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company's stock.

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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