Intact Investment Management Inc. Invests $540,000 in Incyte Co. (NASDAQ:INCY)

Intact Investment Management Inc. purchased a new position in Incyte Co. (NASDAQ:INCY) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,600 shares of the biopharmaceutical company’s stock, valued at approximately $540,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Allworth Financial LP grew its holdings in Incyte by 40.0% during the 4th quarter. Allworth Financial LP now owns 802 shares of the biopharmaceutical company’s stock worth $50,000 after acquiring an additional 229 shares in the last quarter. Grandfield & Dodd LLC grew its holdings in Incyte by 1.8% during the 4th quarter. Grandfield & Dodd LLC now owns 18,390 shares of the biopharmaceutical company’s stock worth $1,155,000 after acquiring an additional 319 shares in the last quarter. MQS Management LLC grew its holdings in Incyte by 6.2% during the 3rd quarter. MQS Management LLC now owns 5,581 shares of the biopharmaceutical company’s stock worth $322,000 after acquiring an additional 327 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Incyte by 0.4% during the 3rd quarter. Treasurer of the State of North Carolina now owns 89,217 shares of the biopharmaceutical company’s stock worth $5,154,000 after acquiring an additional 335 shares in the last quarter. Finally, Covestor Ltd grew its holdings in Incyte by 28.8% during the 3rd quarter. Covestor Ltd now owns 1,606 shares of the biopharmaceutical company’s stock worth $93,000 after acquiring an additional 359 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Oppenheimer decreased their price target on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating for the company in a research report on Wednesday, April 24th. Citigroup decreased their price target on shares of Incyte from $82.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday, February 14th. Jefferies Financial Group assumed coverage on shares of Incyte in a research report on Friday, February 23rd. They set a “buy” rating and a $81.00 price target for the company. William Blair reissued an “outperform” rating on shares of Incyte in a research report on Tuesday, February 6th. Finally, JMP Securities lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Incyte currently has a consensus rating of “Moderate Buy” and an average price target of $75.50.

Incyte Price Performance

Shares of NASDAQ INCY opened at $51.68 on Monday. The stock has a market capitalization of $11.60 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 1.20 and a beta of 0.65. Incyte Co. has a 12 month low of $50.27 and a 12 month high of $75.74. The firm’s 50 day simple moving average is $56.78 and its 200-day simple moving average is $57.71. 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 (NASDAQ:INCY) last issued its quarterly earnings data 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 firm had revenue of $1.01 billion for 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%. Incyte’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. Analysts expect that Incyte Co. will post 3.84 EPS 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.