GAMMA Investing LLC Increases Stake in Incyte Co. (NASDAQ:INCY)

GAMMA Investing LLC increased its holdings in Incyte Co. (NASDAQ:INCY) by 5,849.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 342,955 shares of the biopharmaceutical company’s stock after purchasing an additional 337,191 shares during the period. GAMMA Investing LLC owned approximately 0.18% of Incyte worth $207,660,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of INCY. Wellington Management Group LLP increased its stake in Incyte by 90.1% in the 4th quarter. Wellington Management Group LLP now owns 136,362 shares of the biopharmaceutical company’s stock worth $9,419,000 after purchasing an additional 64,632 shares during the period. California State Teachers Retirement System increased its stake in Incyte by 0.8% in the 4th quarter. California State Teachers Retirement System now owns 241,033 shares of the biopharmaceutical company’s stock worth $16,648,000 after purchasing an additional 1,833 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Incyte by 315.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 47,884 shares of the biopharmaceutical company’s stock worth $3,307,000 after purchasing an additional 36,351 shares during the period. NorthCrest Asset Manangement LLC grew its holdings in Incyte by 22.6% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 7,982 shares of the biopharmaceutical company’s stock worth $551,000 after acquiring an additional 1,470 shares during the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ bought a new stake in Incyte in the 4th quarter worth $3,919,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Barry P. Flannelly sold 19,807 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the sale, the executive vice president now owns 33,567 shares of the company’s stock, valued at $2,272,150.23. This trade represents a 37.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now owns 25,848 shares in the company, valued at $1,809,101.52. This represents a 2.26% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.80% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $65.25 on Friday. Incyte Co. has a 1-year low of $53.56 and a 1-year high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The business has a fifty day moving average price of $60.80 and a 200-day moving average price of $67.43. The company has a market capitalization of $12.63 billion, a PE ratio of 241.68, a PEG ratio of 0.41 and a beta of 0.68.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.15. Incyte had a return on equity of 0.05% and a net margin of 0.77%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $996.17 million. During the same period last year, the company earned $0.64 earnings per share. The company’s revenue was up 19.5% on a year-over-year basis. As a group, equities analysts expect that Incyte Co. will post 4.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

INCY has been the topic of a number of recent analyst reports. Royal Bank of Canada raised their price target on shares of Incyte from $64.00 to $67.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 30th. Morgan Stanley dropped their price objective on Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, March 24th. Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 30th. Citigroup dropped their price objective on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. Finally, Guggenheim cut Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price objective for the company. in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $73.60.

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.