Cannon Global Investment Management LLC Takes $449,000 Position in Incyte Co. (NASDAQ:INCY)

Cannon Global Investment Management LLC acquired a new stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,500 shares of the biopharmaceutical company's stock, valued at approximately $449,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new position in Incyte during the 3rd quarter valued at about $156,611,000. Charles Schwab Investment Management Inc. raised its stake in Incyte by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company's stock valued at $113,487,000 after buying an additional 33,847 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Incyte by 7.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,127,515 shares of the biopharmaceutical company's stock valued at $77,877,000 after buying an additional 78,827 shares during the last quarter. Candriam S.C.A. raised its stake in Incyte by 27.8% during the fourth quarter. Candriam S.C.A. now owns 1,034,652 shares of the biopharmaceutical company's stock valued at $71,463,000 after buying an additional 224,919 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Incyte by 8.1% in the 3rd quarter. Barclays PLC now owns 1,031,932 shares of the biopharmaceutical company's stock worth $68,208,000 after purchasing an additional 77,542 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Trading Up 2.2 %

Shares of INCY stock opened at $61.92 on Monday. The firm has a fifty day moving average price of $70.61 and a 200-day moving average price of $70.17. Incyte Co. has a 1 year low of $50.35 and a 1 year high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The company has a market cap of $11.98 billion, a price-to-earnings ratio of 229.34, a PEG ratio of 0.41 and a beta of 0.76.

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Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share 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%. As a group, equities analysts predict that Incyte Co. will post 4.86 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Sheila A. Denton sold 14,069 shares of the business's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total value of $1,042,090.83. Following the sale, the executive vice president now directly owns 25,848 shares in the company, valued at $1,914,561.36. The trade was a 35.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the sale, the executive vice president now owns 33,567 shares in the company, valued at approximately $2,272,150.23. This trade represents a 37.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,827 shares of company stock worth $3,322,618. 17.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on INCY. Wells Fargo & Company lifted their price target on Incyte from $68.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Thursday, December 19th. UBS Group initiated coverage on shares of Incyte in a report on Tuesday, December 17th. They issued a "neutral" rating and a $77.00 target price for the company. Royal Bank of Canada decreased their price objective on shares of Incyte from $70.00 to $68.00 and set a "sector perform" rating for the company in a report on Tuesday, February 11th. JMP Securities reissued a "market perform" rating on shares of Incyte in a report on Tuesday, February 11th. Finally, Citigroup lowered their price target on Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $75.13.

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.

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