Zurcher Kantonalbank Zurich Cantonalbank Boosts Position in Incyte Corporation (NASDAQ:INCY)

Key Points

• Zurcher Kantonalbank increased its stake in Incyte Corporation by 1.9%, acquiring an additional 6,078 shares, bringing its total holdings to approximately 333,350 shares valued at $20.18 million.
• Wall Street analysts have mixed ratings for Incyte, with a consensus target price of $74.47, and reports indicating recent price objectives ranging from $61.00 to $73.00.
• Incyte's stock rose 10.3%, trading at $77.38, following a quarterly earnings report that showed a significant profit beat and a year-over-year revenue increase of 19.5%.

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 333,350 shares of the biopharmaceutical company's stock after buying an additional 6,078 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.17% of Incyte worth $20,184,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in INCY. ARK Investment Management LLC grew its holdings in shares of Incyte by 3.9% during the 1st quarter. ARK Investment Management LLC now owns 168,106 shares of the biopharmaceutical company's stock valued at $10,179,000 after purchasing an additional 6,331 shares during the last quarter. Empirical Finance LLC boosted its position in Incyte by 4.8% during the 1st quarter. Empirical Finance LLC now owns 6,466 shares of the biopharmaceutical company's stock valued at $392,000 after buying an additional 299 shares during the period. TD Asset Management Inc boosted its position in Incyte by 3.9% during the 1st quarter. TD Asset Management Inc now owns 143,468 shares of the biopharmaceutical company's stock valued at $8,687,000 after buying an additional 5,343 shares during the period. Stevens Capital Management LP lifted its position in shares of Incyte by 88.2% in the 1st quarter. Stevens Capital Management LP now owns 5,718 shares of the biopharmaceutical company's stock worth $346,000 after purchasing an additional 2,679 shares during the period. Finally, Cetera Investment Advisers lifted its position in shares of Incyte by 10.2% in the 1st quarter. Cetera Investment Advisers now owns 14,644 shares of the biopharmaceutical company's stock worth $887,000 after purchasing an additional 1,356 shares during the period. Institutional investors own 96.97% of the company's stock.

Incyte Price Performance

Shares of NASDAQ:INCY traded up $0.32 during midday trading on Friday, reaching $75.21. 609,692 shares of the company's stock traded hands, compared to its average volume of 1,878,551. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $83.95. The company has a market cap of $14.56 billion, a P/E ratio of 17.12, a PEG ratio of 0.65 and a beta of 0.68. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.85. The company has a fifty day simple moving average of $68.72 and a two-hundred day simple moving average of $66.68.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. Incyte had a return on equity of 21.99% and a net margin of 18.99%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. During the same quarter last year, the firm posted $0.64 EPS. The business's revenue was up 19.5% on a year-over-year basis. Equities analysts predict that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

INCY has been the subject of several research reports. Citigroup increased their price target on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and raised their price objective for the stock from $75.00 to $107.00 in a report on Monday, June 16th. Wells Fargo & Company lifted their price target on shares of Incyte from $59.00 to $67.00 and gave the company an "equal weight" rating in a report on Wednesday. JPMorgan Chase & Co. reduced their price objective on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a research report on Monday, July 14th. Finally, Barclays started coverage on shares of Incyte in a research report on Friday. They issued an "overweight" rating and a $90.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Incyte presently has an average rating of "Hold" and an average target price of $78.50.

Insiders Place Their Bets

In other Incyte news, EVP Steven H. Stein sold 14,952 shares of the firm's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $68.47, for a total value of $1,023,763.44. Following the transaction, the executive vice president owned 97,466 shares in the company, valued at approximately $6,673,497.02. This trade represents a 13.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 10,903 shares of the firm's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $743,039.45. Following the completion of the transaction, the executive vice president owned 39,744 shares in the company, valued at $2,708,553.60. The trade was a 21.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,098 shares of company stock worth $3,836,196. Corporate insiders own 17.80% of the company's stock.

About Incyte

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.