Polymer Capital Management US LLC Invests $331,000 in Incyte Co. (NASDAQ:INCY)

Polymer Capital Management US LLC bought a new position in shares of Incyte Co. (NASDAQ:INCY - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 4,798 shares of the biopharmaceutical company's stock, valued at approximately $331,000.

A number of other institutional investors and hedge funds also recently modified their holdings of INCY. Norges Bank acquired a new stake in Incyte during the 4th quarter worth $121,890,000. Sound Shore Management Inc. CT raised its position in shares of Incyte by 98.4% during the fourth quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company's stock worth $82,959,000 after purchasing an additional 595,741 shares during the period. Pictet Asset Management Holding SA raised its position in shares of Incyte by 73.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock worth $90,749,000 after purchasing an additional 556,218 shares during the period. Long Corridor Asset Management Ltd bought a new position in shares of Incyte during the 4th quarter valued at about $22,793,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Incyte in the 4th quarter valued at approximately $18,563,000. 96.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on INCY shares. Wells Fargo & Company lifted their price target on shares of Incyte from $68.00 to $70.00 and gave the company an "equal weight" rating in a research note on Thursday, December 19th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Incyte in a research note on Friday, January 10th. Guggenheim lowered Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price target on the stock. in a report on Tuesday, March 18th. UBS Group assumed coverage on Incyte in a report on Tuesday, December 17th. They set a "neutral" rating and a $77.00 price objective for the company. Finally, Royal Bank of Canada dropped their target price on Incyte from $70.00 to $68.00 and set a "sector perform" rating on the stock in a research report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $74.88.

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Insider Activity

In other news, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the sale, the executive vice president now directly owns 66,967 shares in the company, valued at approximately $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 25,848 shares in the company, valued at $1,809,101.52. This represents a 2.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,827 shares of company stock valued at $3,322,618. 17.60% of the stock is owned by company insiders.

Incyte Stock Performance

Shares of INCY traded up $1.70 during trading hours on Friday, hitting $56.87. The company had a trading volume of 2,073,635 shares, compared to its average volume of 2,381,171. The firm has a market cap of $11.01 billion, a price-to-earnings ratio of 210.64, a PEG ratio of 0.41 and a beta of 0.89. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $66.19 and a 200-day moving average of $69.63. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last announced its 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%. Equities analysts anticipate that Incyte Co. will post 4.86 EPS for the current fiscal year.

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.