Ghost Tree Capital LLC Takes $5.42 Million Position in Incyte Co. (NASDAQ:INCY)

Ghost Tree Capital LLC acquired a new stake in Incyte Co. (NASDAQ:INCY) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 75,000 shares of the biopharmaceutical company’s stock, valued at approximately $5,420,000. Incyte comprises 1.6% of Ghost Tree Capital LLC’s portfolio, making the stock its 23rd biggest position.

A number of other hedge funds have also made changes to their positions in the business. Ontario Teachers Pension Plan Board increased its holdings in shares of Incyte by 1.0% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 14,555 shares of the biopharmaceutical company’s stock valued at $1,169,000 after acquiring an additional 149 shares during the last quarter. D.A. Davidson & CO. grew its stake in Incyte by 4.8% during the 1st quarter. D.A. Davidson & CO. now owns 3,300 shares of the biopharmaceutical company’s stock worth $262,000 after buying an additional 150 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Incyte by 0.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,372 shares of the biopharmaceutical company’s stock worth $2,267,000 after buying an additional 159 shares during the last quarter. Clear Street Markets LLC grew its stake in Incyte by 93.6% during the 1st quarter. Clear Street Markets LLC now owns 362 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 175 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund grew its stake in Incyte by 2.8% during the 3rd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 6,616 shares of the biopharmaceutical company’s stock worth $441,000 after buying an additional 183 shares during the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. BMO Capital Markets dropped their price target on Incyte from $70.00 to $68.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 2nd. Oppenheimer restated an “outperform” rating and set a $92.00 price target on shares of Incyte in a research note on Wednesday, August 2nd. Morgan Stanley restated an “equal weight” rating and set a $74.00 price target on shares of Incyte in a research note on Wednesday, August 2nd. Royal Bank of Canada lifted their target price on Incyte from $70.00 to $73.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 2nd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $93.00 target price on shares of Incyte in a research note on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $82.00.

Incyte Price Performance

Shares of INCY traded up $0.53 during mid-day trading on Friday, hitting $63.98. The company’s stock had a trading volume of 1,409,453 shares, compared to its average volume of 1,348,731. Incyte Co. has a 1-year low of $60.56 and a 1-year high of $86.29. The firm has a market capitalization of $14.34 billion, a P/E ratio of 39.25, a P/E/G ratio of 3.04 and a beta of 0.69. The firm has a 50-day simple moving average of $63.79 and a 200 day simple moving average of $67.27. The company has a current ratio of 3.81, a quick ratio of 3.78 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.08. Incyte had a return on equity of 9.25% and a net margin of 10.43%. The company had revenue of $954.61 million during the quarter, compared to analysts’ expectations of $920.18 million. Analysts predict that Incyte Co. will post 2.98 EPS for the current fiscal year.

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, Europe, Japan, and internationally. The company offers JAKAFI (ruxolitinib), for the treatment of adults with intermediate or high-risk myelofibrosis; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab), for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.