Russell Investments Group Ltd. Acquires 217,979 Shares of Incyte Co. (NASDAQ:INCY)

Russell Investments Group Ltd. lifted its stake in Incyte Co. (NASDAQ:INCY - Free Report) by 29.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 963,090 shares of the biopharmaceutical company's stock after purchasing an additional 217,979 shares during the quarter. Russell Investments Group Ltd. owned 0.43% of Incyte worth $60,465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in INCY. Pacer Advisors Inc. increased its holdings in Incyte by 2,858.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,025,784 shares of the biopharmaceutical company's stock worth $64,409,000 after buying an additional 991,110 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in Incyte by 585.8% in the third quarter. Los Angeles Capital Management LLC now owns 1,145,362 shares of the biopharmaceutical company's stock worth $66,168,000 after buying an additional 978,342 shares during the last quarter. Acadian Asset Management LLC increased its holdings in Incyte by 56.6% in the third quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company's stock worth $155,053,000 after buying an additional 970,668 shares during the last quarter. Federated Hermes Inc. increased its holdings in Incyte by 145.2% in the third quarter. Federated Hermes Inc. now owns 864,710 shares of the biopharmaceutical company's stock worth $49,954,000 after buying an additional 512,083 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in Incyte by 85.3% in the third quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company's stock worth $57,021,000 after buying an additional 454,416 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Truist Financial dropped their price objective on Incyte from $91.00 to $84.00 and set a "buy" rating on the stock in a report on Wednesday, February 14th. Cantor Fitzgerald started coverage on Incyte in a report on Tuesday, April 23rd. They issued a "neutral" rating on the stock. JMP Securities downgraded Incyte from an "outperform" rating to a "market perform" rating in a report on Wednesday, February 14th. Jefferies Financial Group started coverage on Incyte in a report on Friday, February 23rd. They set a "buy" rating and a $81.00 price target on the stock. Finally, Oppenheimer lowered their price target on Incyte from $92.00 to $84.00 and set an "outperform" rating on the stock in a report on Wednesday, April 24th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $75.50.

Incyte Stock Performance

Shares of Incyte stock traded up $0.88 during midday trading on Monday, hitting $52.56. The company had a trading volume of 3,081,700 shares, compared to its average volume of 1,740,076. The business's 50 day simple moving average is $56.78 and its two-hundred day simple moving average is $57.71. The stock has a market cap of $11.80 billion, a PE ratio of 19.50, a P/E/G ratio of 1.20 and a beta of 0.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.55 and a quick ratio of 3.36. Incyte Co. has a 1-year low of $50.27 and a 1-year high of $75.74.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.09). The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Incyte had a return on equity of 12.56% and a net margin of 16.17%. The company's revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 EPS. As a group, equities analysts predict that Incyte Co. will post 3.84 EPS for the current fiscal year.

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.