Connor Clark & Lunn Investment Management Ltd. Raises Stake in Incyte Co. (NASDAQ:INCY)

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Incyte Co. (NASDAQ:INCY) by 21.0% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 704,085 shares of the biopharmaceutical company’s stock after purchasing an additional 121,978 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.37% of Incyte worth $48,631,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quintet Private Bank Europe S.A. purchased a new stake in shares of Incyte in the 4th quarter valued at about $26,000. Global X Japan Co. Ltd. grew its position in shares of Incyte by 144.7% in the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 230 shares during the last quarter. R Squared Ltd bought a new stake in shares of Incyte in the 4th quarter worth approximately $30,000. Brooklyn Investment Group bought a new stake in shares of Incyte in the 3rd quarter worth approximately $30,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Incyte in the 3rd quarter worth approximately $33,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Down 0.5 %

Shares of NASDAQ:INCY opened at $67.73 on Thursday. Incyte Co. has a 12-month low of $50.35 and a 12-month high of $83.95. The stock has a fifty day simple moving average of $71.82 and a two-hundred day simple moving average of $70.27. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $13.11 billion, a price-to-earnings ratio of 250.86, a PEG ratio of 0.41 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. On average, research analysts anticipate that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other news, EVP Sheila A. Denton sold 599 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total value of $41,924.01. Following the completion of the transaction, the executive vice president now owns 25,848 shares in the company, valued at $1,809,101.52. The trade was a 2.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas Tray sold 650 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $69.31, for a total value of $45,051.50. Following the completion of the transaction, the insider now owns 23,312 shares of the company’s stock, valued at $1,615,754.72. This represents a 2.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,320 shares of company stock worth $2,072,849 over the last quarter. 17.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Stifel Nicolaus lifted their price objective on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research report on Monday, February 10th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, February 11th. William Blair restated an “outperform” rating on shares of Incyte in a research note on Friday, December 13th. Finally, UBS Group started coverage on Incyte in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 target price for the company. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Incyte presently has an average rating of “Hold” and an average target price of $75.25.

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.