Incyte Co. (NASDAQ:INCY) has witnessed a significant increase in holdings by Martingale Asset Management L P during the first quarter, as stated in their recent disclosure with the SEC. According to the report, the investment firm purchased an additional 33,945 shares of Incyte’s stock, resulting in a 22.3% boost to their overall holdings. With this acquisition, Martingale Asset Management L P’s stake now stands at 186,290 shares of the biopharmaceutical company’s stock, valued at approximately $13,463,000 at the end of the reporting period.
As a leading biopharmaceutical company, Incyte Corporation is involved in the discovery, development, and commercialization of therapeutics primarily for hematology/oncology and inflammation and autoimmunity areas. Their innovative product portfolio includes JAKAFI (ruxolitinib), which is indicated for treating adults diagnosed with intermediate or high-risk myelofibrosis. Additionally, they offer MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab), designed for adults facing relapsed or refractory diffuse large B-cell lymphoma; and PEMAZYRE (pemigatinib), an oncogenic driver inhibitor that targets fibroblast growth factor receptor kinases involved in different types of liquid and solid tumors. Another notable product developed by Incyte is ICLUSIG – a kinase inhibitor recommended for chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
This increase in holdings by Martingale Asset Management L P indicates their continued confidence in Incyte’s future prospects and potential for growth. With advancements in medical research and increasing demand for effective treatments across various therapeutic areas, Incyte remains well-positioned to capitalize on emerging opportunities within the biopharmaceutical industry.
As of September 3rd, 2023, the collaboration between Incyte and Martingale Asset Management L P serves as a testament to the ongoing efforts of both parties in pursuing innovation and excellence within the healthcare sector. This partnership is expected to contribute positively to the continued growth and success of Incyte Co., strengthening its position as a prominent player in the biopharmaceutical field.
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Institutional Investors and Hedge Funds Show Strong Interest in Incyte as Shares Soar
On September 3, 2023, it was reported that several hedge funds and institutional investors have recently bought and sold shares of Incyte (NASDAQ:INCY), a biopharmaceutical company. Royal Bank of Canada saw a significant increase in its position in Incyte during the first quarter of the year, with its ownership climbing by 117.4%. The bank now owns over 7.6 million shares of Incyte’s stock valued at $610 million.
Similarly, Renaissance Technologies LLC also boosted its position in Incyte by 2.3% during the same period, bringing its total ownership to nearly 4.7 million shares worth $373 million. Geode Capital Management LLC experienced a growth in stake as well, increasing its ownership by 2.6% in the fourth quarter to approximately 3.8 million shares valued at $310 million.
First Trust Advisors LP and Pictet Asset Management SA also raised their holdings in Incyte significantly. First Trust Advisors LP witnessed a staggering increase of 241.8% during the fourth quarter, accumulating over 3.3 million shares worth around $271 million. Pictet Asset Management SA saw their holdings rise by an impressive 168.8%, owning more than 2.2 million shares valued at $160 million.
Overall, it appears that institutional investors and hedge funds have shown strong interest in investing in Incyte, as evidenced by the increased ownership and purchases of additional shares from these market players throughout recent quarters.
In terms of analyst recommendations for INCY stock, JMP Securities has reiterated a “market outperform” rating with a target price set at $93 per share on August 2nd., while Morgan Stanley has issued an “equal weight” rating and a price objective of $74 on the same date.
Royal Bank of Canada increased their target price on Incyte from $70 to $73 and provided a “sector perform” rating. StockNews.com downgraded Incyte from “strong buy” to “buy,” and Truist Financial lowered their price target for the stock from $100 to $91, still maintaining a “buy” rating.
Presently, based on data from Bloomberg, Incyte has an average rating of “Hold” with an average price target of $82.
In terms of recent performance, shares of INCY stock traded up $0.85 on Friday, reaching $65.38. The volume of shares exchanged amounted to 169,703 shares, compared to the average volume of 1,731,400 shares. The company currently boasts a market capitalization of around $14.65 billion and a P/E ratio of 39.59.
Looking at Incyte’s financials, it reported earnings per share (EPS) of $0.77 for the quarter ending on August 1st. This figure surpassed analysts’ expectations by $0.08 as they had estimated EPS at $0.69 for the period. Incyte also achieved a return on equity of 9.25% and boasted a net margin of 10.43%. Furthermore, the company generated revenue amounting to $954.61 million during the quarter compared to analysts’ projections of $920.18 million.
Currently, experts predict that Incyte will post approximately 2.98 EPS for the current year.
In summary, Incyte has attracted significant interest from hedge funds and institutional investors who have been buying and selling shares in recent periods. Analyst ratings have varied but with an overall focus on holding or buying shares in the company as it continues its success in quarterly earnings reports and reveals positive financial figures.