Maverick Capital Ltd. Makes New $807,000 Investment in Incyte Co. (NASDAQ:INCY)

Maverick Capital Ltd. purchased a new position in Incyte Co. (NASDAQ:INCY) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 10,875 shares of the biopharmaceutical company’s stock, valued at approximately $807,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of INCY. Commonwealth Bank of Australia lifted its stake in Incyte by 49.2% in the second quarter. Commonwealth Bank of Australia now owns 376 shares of the biopharmaceutical company’s stock valued at $31,000 after buying an additional 124 shares during the period. Pathstone Family Office LLC bought a new stake in shares of Incyte in the 2nd quarter valued at $34,000. Captrust Financial Advisors bought a new stake in shares of Incyte in the 2nd quarter valued at $35,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Incyte by 617.7% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 445 shares of the biopharmaceutical company’s stock valued at $33,000 after acquiring an additional 383 shares during the period. Finally, First Manhattan Co. acquired a new position in shares of Incyte during the 2nd quarter valued at $50,000. Hedge funds and other institutional investors own 91.10% of the company’s stock.

Shares of NASDAQ INCY opened at $94.47 on Tuesday. Incyte Co. has a fifty-two week low of $57.00 and a fifty-two week high of $95.36. The stock has a market cap of $20.28 billion, a price-to-earnings ratio of 115.21, a PEG ratio of 1.37 and a beta of 1.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.01 and a current ratio of 5.02. The firm’s 50-day simple moving average is $84.68 and its 200 day simple moving average is $81.54.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.27. The firm had revenue of $551.58 million during the quarter, compared to analyst estimates of $534.73 million. Incyte had a return on equity of 20.07% and a net margin of 19.21%. The company’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 EPS. On average, sell-side analysts predict that Incyte Co. will post 2.14 EPS for the current year.

Several equities research analysts have weighed in on the stock. BMO Capital Markets started coverage on shares of Incyte in a research note on Thursday, September 12th. They issued a “market perform” rating and a $85.00 price target for the company. ValuEngine cut shares of Incyte from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 5th. Morgan Stanley raised their target price on Incyte from $82.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Guggenheim set a $101.00 target price on Incyte and gave the company a “buy” rating in a research note on Friday, September 27th. Finally, BidaskClub raised Incyte from a “hold” rating to a “buy” rating in a research report on Thursday, November 28th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Incyte currently has an average rating of “Buy” and a consensus price target of $93.05.

In related news, Director Wendy L. Dixon sold 41,218 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $83.87, for a total value of $3,456,953.66. Following the completion of the sale, the director now directly owns 22,916 shares of the company’s stock, valued at approximately $1,921,964.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Trower sold 15,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Insiders sold 111,436 shares of company stock worth $9,462,285 in the last 90 days. Corporate insiders own 17.10% of the company’s stock.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

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