Hsbc Holdings PLC Has $54.78 Million Holdings in Incyte Corporation $INCY

Key Points

• Hsbc Holdings PLC more than doubled its stake in Incyte during the first quarter, increasing holdings by 100.6% to 582,368 shares worth about $54.8 million.
• Several other hedge funds also boosted their positions, and 96.97% of Incyte’s stock is owned by institutional investors and hedge funds.
• Analysts remain cautious overall: Incyte has a Hold consensus rating with an average price target of $109.95, even as some firms raised targets and the company posted stronger-than-expected quarterly earnings.

Hsbc Holdings PLC raised its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 100.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 582,368 shares of the biopharmaceutical company's stock after buying an additional 292,113 shares during the period. Hsbc Holdings PLC owned about 0.29% of Incyte worth $54,781,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. NewEdge Advisors LLC lifted its holdings in Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company's stock valued at $763,000 after purchasing an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company's stock valued at $299,000 after purchasing an additional 648 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Incyte by 6.4% in the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock valued at $49,322,000 after purchasing an additional 48,751 shares during the period. United Services Automobile Association acquired a new stake in shares of Incyte during the 1st quarter worth about $219,000. Finally, Focus Partners Wealth lifted its stake in shares of Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company's stock worth $1,273,000 after buying an additional 8,951 shares during the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on INCY shares. Barclays upped their price target on shares of Incyte from $117.00 to $134.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. BMO Capital Markets boosted their price objective on Incyte from $94.00 to $112.00 and gave the stock a "market perform" rating in a report on Monday, July 13th. HC Wainwright reaffirmed a "buy" rating on shares of Incyte in a research report on Tuesday, July 14th. Sanford C. Bernstein started coverage on Incyte in a research note on Thursday, May 21st. They set a "market perform" rating and a $99.00 target price on the stock. Finally, Oppenheimer reissued a "market perform" rating and set a $107.00 price target on shares of Incyte in a report on Monday, June 8th. Eight research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat.com, Incyte currently has a consensus rating of "Hold" and an average price target of $109.95.

Incyte Stock Performance

NASDAQ INCY opened at $115.65 on Tuesday. The firm has a 50-day moving average price of $105.29 and a two-hundred day moving average price of $101.16. Incyte Corporation has a 12-month low of $67.17 and a 12-month high of $119.60. The company has a market capitalization of $23.10 billion, a P/E ratio of 16.33, a P/E/G ratio of 1.06 and a beta of 0.76. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping 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 company had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.22 billion. During the same period last year, the firm earned $1.16 earnings per share. The business's revenue for the quarter was up 20.9% on a year-over-year basis. Analysts anticipate that Incyte Corporation will post 6.61 earnings per share 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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