Panagora Asset Management Inc. Purchases 116,345 Shares of Incyte Co. (NASDAQ:INCY)

Panagora Asset Management Inc. boosted its stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 31.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 484,444 shares of the biopharmaceutical company's stock after acquiring an additional 116,345 shares during the period. Panagora Asset Management Inc. owned about 0.22% of Incyte worth $30,418,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its position in shares of Incyte by 7.7% in the fourth quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company's stock valued at $33,381,000 after buying an additional 37,932 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Incyte by 29.3% in the fourth quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company's stock valued at $60,465,000 after buying an additional 217,979 shares during the last quarter. BNP Paribas Financial Markets increased its position in Incyte by 9.7% during the fourth quarter. BNP Paribas Financial Markets now owns 304,258 shares of the biopharmaceutical company's stock worth $19,104,000 after purchasing an additional 26,818 shares during the last quarter. Royal Bank of Canada increased its position in Incyte by 85.3% during the third quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company's stock worth $57,021,000 after purchasing an additional 454,416 shares during the last quarter. Finally, RFG Advisory LLC acquired a new stake in Incyte during the fourth quarter worth about $206,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INCY has been the subject of several recent analyst reports. Bank of America cut their price objective on shares of Incyte from $69.00 to $67.00 and set a "neutral" rating for the company in a research report on Wednesday, March 13th. StockNews.com lowered shares of Incyte from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 2nd. Cantor Fitzgerald assumed coverage on shares of Incyte in a research note on Tuesday, April 23rd. They issued a "neutral" rating for the company. BMO Capital Markets decreased their price target on shares of Incyte from $56.00 to $52.00 and set a "market perform" rating for the company in a research note on Wednesday, May 1st. Finally, William Blair reiterated an "outperform" rating on shares of Incyte in a research note on Tuesday, February 6th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $74.93.

Incyte Stock Up 0.4 %

INCY stock traded up $0.24 during midday trading on Friday, reaching $57.10. 1,618,342 shares of the company were exchanged, compared to its average volume of 2,582,932. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.43 and a current ratio of 3.47. Incyte Co. has a 1-year low of $50.27 and a 1-year high of $67.36. The stock's 50-day simple moving average is $55.26 and its 200 day simple moving average is $57.59. The company has a market cap of $12.82 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 1.74 and a beta of 0.69.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.15 by ($0.09). The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Incyte had a net margin of 19.78% and a return on equity of 12.83%. The business's revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.44 earnings per share. On average, equities analysts forecast that Incyte Co. will post 3.54 earnings per share for the current year.

Incyte 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.