GAMMA Investing LLC Boosts Stake in Incyte Co. (NASDAQ:INCY)

GAMMA Investing LLC raised its holdings in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 5,849.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 342,955 shares of the biopharmaceutical company's stock after purchasing an additional 337,191 shares during the period. GAMMA Investing LLC owned approximately 0.18% of Incyte worth $207,660,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in Incyte by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company's stock valued at $278,346,000 after purchasing an additional 103,910 shares during the last quarter. AQR Capital Management LLC boosted its stake in Incyte by 29.7% during the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock valued at $241,519,000 after purchasing an additional 801,090 shares during the last quarter. LSV Asset Management boosted its stake in Incyte by 18.6% during the 4th quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company's stock valued at $239,500,000 after purchasing an additional 544,080 shares during the last quarter. Bellevue Group AG boosted its stake in Incyte by 0.3% during the 4th quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock valued at $149,017,000 after purchasing an additional 6,927 shares during the last quarter. Finally, Norges Bank purchased a new stake in Incyte during the 4th quarter valued at $121,890,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Price Performance

NASDAQ:INCY traded down $0.18 on Thursday, reaching $67.24. 1,712,763 shares of the company's stock traded hands, compared to its average volume of 2,235,333. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The stock has a 50-day simple moving average of $61.28 and a 200-day simple moving average of $67.21. The firm has a market cap of $13.02 billion, a PE ratio of 249.05, a P/E/G ratio of 0.41 and a beta of 0.68. Incyte Co. has a 12 month low of $53.56 and a 12 month high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. Incyte had a return on equity of 0.05% and a net margin of 0.77%. The business's quarterly revenue was up 19.5% on a year-over-year basis. During the same period last year, the firm earned $0.64 earnings per share. Equities research analysts forecast that Incyte Co. will post 4.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on INCY. Truist Financial raised their price target on Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research note on Tuesday, May 27th. JPMorgan Chase & Co. dropped their price target on Incyte from $70.00 to $68.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Morgan Stanley dropped their price target on Incyte from $69.00 to $65.00 and set an "equal weight" rating on the stock in a research note on Monday, March 24th. Finally, Royal Bank of Canada raised their price target on Incyte from $64.00 to $67.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Incyte presently has a consensus rating of "Hold" and an average price target of $72.53.

Insider Buying and Selling at Incyte

In related news, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the sale, the executive vice president now directly owns 33,567 shares in the company, valued at approximately $2,272,150.23. The trade was a 37.11% 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. Insiders own 17.80% of the company's stock.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.