ARK Investment Management LLC Boosts Stock Holdings in Incyte Co. (NASDAQ:INCY)

ARK Investment Management LLC boosted its position in shares of Incyte Co. (NASDAQ:INCY) by 7.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 531,625 shares of the biopharmaceutical company’s stock after buying an additional 37,932 shares during the period. ARK Investment Management LLC owned 0.24% of Incyte worth $33,381,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of Incyte by 15.7% in the second quarter. BlackRock Inc. now owns 23,882,396 shares of the biopharmaceutical company’s stock valued at $1,486,679,000 after purchasing an additional 3,246,531 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Incyte by 1.3% in the third quarter. Vanguard Group Inc. now owns 22,159,419 shares of the biopharmaceutical company’s stock valued at $1,280,150,000 after purchasing an additional 289,882 shares in the last quarter. State Street Corp grew its position in shares of Incyte by 5.7% in the second quarter. State Street Corp now owns 9,850,455 shares of the biopharmaceutical company’s stock valued at $613,191,000 after purchasing an additional 527,398 shares in the last quarter. Royal Bank of Canada grew its position in shares of Incyte by 117.4% in the first quarter. Royal Bank of Canada now owns 7,682,752 shares of the biopharmaceutical company’s stock valued at $610,164,000 after purchasing an additional 4,148,559 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Incyte by 2.3% in the first quarter. Renaissance Technologies LLC now owns 4,697,633 shares of the biopharmaceutical company’s stock valued at $373,086,000 after purchasing an additional 106,900 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Incyte news, EVP Vijay K. Iyengar sold 657 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $65.00, for a total value of $42,705.00. Following the sale, the executive vice president now directly owns 43,412 shares in the company, valued at $2,821,780. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 17.50% of the company’s stock.

Incyte Stock Up 1.0 %

Shares of NASDAQ INCY opened at $57.12 on Thursday. The stock has a market cap of $12.83 billion, a P/E ratio of 21.55, a PEG ratio of 1.21 and a beta of 0.65. The company has a current ratio of 3.55, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01. Incyte Co. has a 12-month low of $50.27 and a 12-month high of $76.04. The business’s fifty day simple moving average is $59.22 and its 200-day simple moving average is $58.59.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.09). The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Incyte had a net margin of 16.17% and a return on equity of 12.56%. The firm’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 earnings per share. As a group, equities analysts predict that Incyte Co. will post 3.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. William Blair reiterated an “outperform” rating on shares of Incyte in a research report on Tuesday, February 6th. SVB Leerink upgraded Incyte from a “market perform” rating to an “outperform” rating and set a $78.00 price objective for the company in a research report on Wednesday, December 13th. JMP Securities lowered Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. Citigroup lowered their price objective on Incyte from $82.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday, February 14th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $65.00 price objective on shares of Incyte in a research report on Monday. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Incyte presently has an average rating of “Moderate Buy” and an average target price of $76.07.

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.