Gateway Investment Advisers LLC Acquires 702 Shares of Incyte Co. (NASDAQ:INCY)

Gateway Investment Advisers LLC boosted its holdings in shares of Incyte Co. (NASDAQ:INCY) by 19.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,296 shares of the biopharmaceutical company’s stock after acquiring an additional 702 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Incyte were worth $260,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in INCY. Vanguard Group Inc. boosted its stake in Incyte by 0.9% during the first quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after acquiring an additional 196,440 shares in the last quarter. LSV Asset Management grew its stake in Incyte by 2.3% in the first quarter. LSV Asset Management now owns 2,754,777 shares of the biopharmaceutical company’s stock valued at $156,940,000 after acquiring an additional 62,950 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in shares of Incyte by 7.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,514,634 shares of the biopharmaceutical company’s stock valued at $143,259,000 after acquiring an additional 177,852 shares in the last quarter. Norges Bank acquired a new position in shares of Incyte during the fourth quarter worth approximately $123,253,000. Finally, Los Angeles Capital Management LLC raised its position in shares of Incyte by 37.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,570,296 shares of the biopharmaceutical company’s stock worth $98,599,000 after purchasing an additional 424,934 shares during the period. 96.97% of the stock is owned by institutional investors.

Incyte Stock Performance

Incyte stock traded down $0.70 during mid-day trading on Friday, reaching $61.08. The company’s stock had a trading volume of 1,301,728 shares, compared to its average volume of 2,544,164. The company has a market capitalization of $13.71 billion, a P/E ratio of 18.51, a PEG ratio of 1.14 and a beta of 0.73. The firm’s fifty day moving average price is $62.28 and its two-hundred day moving average price is $58.78. Incyte Co. has a 12-month low of $50.27 and a 12-month high of $70.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.43 and a current ratio of 1.92.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period last year, the company posted $0.77 EPS. Sell-side analysts predict that Incyte Co. will post 3.35 EPS for the current fiscal year.

Insider Activity

In other news, insider Thomas Tray sold 1,093 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the completion of the transaction, the insider now directly owns 21,634 shares in the company, valued at approximately $1,274,458.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the transaction, the executive vice president now directly owns 36,701 shares in the company, valued at $2,569,070. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the sale, the insider now owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,282 shares of company stock worth $2,876,911. 17.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

INCY has been the subject of a number of recent research reports. Citigroup boosted their price target on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada upped their target price on shares of Incyte from $61.00 to $66.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lifted their price target on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Tuesday, June 18th. Finally, JPMorgan Chase & Co. upped their price target on Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $73.24.

Incyte Company 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.