Long Corridor Asset Management Ltd Purchases New Holdings in Incyte Co. (NASDAQ:INCY)

Long Corridor Asset Management Ltd bought a new stake in Incyte Co. (NASDAQ:INCY) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 330,000 shares of the biopharmaceutical company’s stock, valued at approximately $22,793,000. Incyte accounts for about 17.1% of Long Corridor Asset Management Ltd’s holdings, making the stock its largest position.

Other large investors have also made changes to their positions in the company. CWA Asset Management Group LLC bought a new position in shares of Incyte in the 4th quarter worth $1,933,000. Orion Portfolio Solutions LLC bought a new position in Incyte during the third quarter worth about $770,000. Tri Ri Asset Management Corp acquired a new position in shares of Incyte during the 3rd quarter worth about $3,292,000. Bridgewater Associates LP increased its stake in shares of Incyte by 142.8% in the 3rd quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock valued at $20,401,000 after acquiring an additional 181,504 shares during the last quarter. Finally, Pallas Capital Advisors LLC bought a new stake in shares of Incyte in the 4th quarter valued at about $1,006,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

INCY opened at $62.78 on Tuesday. The firm has a market cap of $12.15 billion, a P/E ratio of 232.53, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The business’s fifty day moving average is $70.42 and its 200-day moving average is $70.17. Incyte Co. has a 52-week low of $50.35 and a 52-week high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Sell-side analysts expect that Incyte Co. will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 19,807 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now owns 33,567 shares of the company’s stock, valued at $2,272,150.23. This represents a 37.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Steven H. Stein sold 12,352 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the transaction, the executive vice president now owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. This trade represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,827 shares of company stock valued at $3,322,618. 17.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on INCY shares. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Friday, January 10th. UBS Group initiated coverage on shares of Incyte in a report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price target for the company. Morgan Stanley dropped their price objective on Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday. Truist Financial decreased their target price on Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Finally, StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Incyte has a consensus rating of “Hold” and a consensus price target of $74.88.

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.