Investment Management Corp of Ontario Buys 15,052 Shares of Incyte Corporation $INCY

Investment Management Corp of Ontario boosted its position in Incyte Corporation (NASDAQ:INCY) by 81.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 33,508 shares of the biopharmaceutical company’s stock after purchasing an additional 15,052 shares during the period. Investment Management Corp of Ontario’s holdings in Incyte were worth $2,282,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. FNY Investment Advisers LLC purchased a new stake in shares of Incyte in the 2nd quarter worth about $27,000. Banque Transatlantique SA bought a new stake in Incyte in the 1st quarter worth about $26,000. Hilltop National Bank bought a new stake in shares of Incyte in the second quarter worth approximately $37,000. SVB Wealth LLC bought a new position in shares of Incyte during the 1st quarter valued at $39,000. Finally, MAI Capital Management boosted its position in Incyte by 19.9% in the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after purchasing an additional 125 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Barclays upped their price target on Incyte from $101.00 to $115.00 and gave the stock an “overweight” rating in a research report on Monday, November 24th. Piper Sandler boosted their target price on Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Mizuho set a $121.00 price objective on shares of Incyte and gave the company an “outperform” rating in a research report on Monday. Bank of America raised their price objective on Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a research note on Thursday, September 4th. Finally, Oppenheimer lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $99.07.

Incyte Price Performance

Shares of NASDAQ INCY opened at $95.17 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. The stock has a market capitalization of $18.68 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 0.65 and a beta of 0.81. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $109.28. The firm’s 50 day simple moving average is $96.55 and its 200-day simple moving average is $83.14.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, topping the consensus estimate of $1.65 by $0.61. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 earnings per share. Analysts expect that Incyte Corporation will post 4.86 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Lee Heeson sold 3,074 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total value of $289,017.48. Following the completion of the transaction, the executive vice president owned 29,241 shares of the company’s stock, valued at approximately $2,749,238.82. This trade represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of Incyte stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total transaction of $60,613.28. Following the sale, the executive vice president directly owned 26,569 shares of the company’s stock, valued at approximately $2,693,033.84. This trade represents a 2.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 26,891 shares of company stock valued at $2,720,766 over the last 90 days. 17.80% of the stock is owned by company insiders.

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.