Los Angeles Capital Management LLC Increases Stock Position in Incyte Co. (NASDAQ:INCY)

Los Angeles Capital Management LLC boosted its stake in Incyte Co. (NASDAQ:INCY) by 37.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,570,296 shares of the biopharmaceutical company’s stock after buying an additional 424,934 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Incyte were worth $98,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. ARK Investment Management LLC raised its holdings 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 holdings 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. Royal Bank of Canada raised its holdings in shares of Incyte by 85.3% in the third quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company’s stock valued at $57,021,000 after buying an additional 454,416 shares during the last quarter. RFG Advisory LLC purchased a new stake in shares of Incyte in the fourth quarter valued at about $206,000. Finally, Raymond James & Associates purchased a new stake in shares of Incyte in the fourth quarter valued at about $2,291,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on INCY. Bank of America reduced their target price on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating for the company in a report on Wednesday, March 13th. JMP Securities lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 14th. Jefferies Financial Group started coverage on shares of Incyte in a research note on Friday, February 23rd. They set a “buy” rating and a $81.00 price target on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $65.00 price target on shares of Incyte in a research note on Monday, March 25th. Finally, Cantor Fitzgerald started coverage on shares of Incyte in a research note on Tuesday, April 23rd. They set a “neutral” rating on the stock. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Incyte has an average rating of “Moderate Buy” and a consensus price target of $74.93.

Incyte Price Performance

Shares of INCY stock traded up $0.15 during trading hours on Thursday, hitting $53.09. The company’s stock had a trading volume of 760,574 shares, compared to its average volume of 1,785,572. The business has a fifty day moving average of $56.39 and a 200-day moving average of $57.61. The stock has a market cap of $11.92 billion, a price-to-earnings ratio of 16.02, a P/E/G ratio of 1.22 and a beta of 0.69. Incyte Co. has a twelve month low of $50.27 and a twelve month high of $69.82. The company has a current ratio of 3.35, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate 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 firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 earnings per share. As a group, equities research analysts anticipate that Incyte Co. will post 3.81 EPS for the current year.

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.