Fifth Third Bancorp holds a $378,000 equity position in Incyte Co. (NASDAQ:INCY)
Fifth Third Bancorp increased its stake in the shares of Incyte Co. (NASDAQ:INCY – Get a rating) by 53.8% in the first quarter, according to its latest filing with the Securities and Exchange Commission. The institutional investor held 4,755 shares of the biopharmaceutical company after purchasing an additional 1,663 shares during the quarter. Fifth Third Bancorp’s holdings in Incyte were worth $378,000 when it last filed with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently increased or reduced their stakes in the company. BlackRock Inc. increased its holdings in Incyte by 5.3% during the fourth quarter. BlackRock Inc. now owns 18,336,658 shares of the biopharmaceutical company valued at $1,345,912,000 after buying an additional 924,880 shares last quarter. Dodge & Cox increased its holdings in Incyte by 1.1% in the fourth quarter. Dodge & Cox now owns 16,657,586 shares of the biopharmaceutical company valued at $1,222,667,000 after buying an additional 181,150 shares last quarter. State Street Corp increased its holdings in Incyte by 4.3% in the fourth quarter. State Street Corp now owns 9,347,709 shares of the biopharmaceutical company valued at $686,122,000 after purchasing an additional 388,337 shares last quarter. Renaissance Technologies LLC increased its holdings in Incyte by 4.1% during the fourth quarter. Renaissance Technologies LLC now owns 4,590,733 shares of the biopharmaceutical company valued at $336,960,000 after purchasing an additional 179,500 shares last quarter. Finally, Geode Capital Management LLC increased its stake in Incyte by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 3,858,142 shares of the biopharmaceutical company valued at $282,546,000 after purchasing an additional 32,423 shares last quarter. 92.78% of the shares are currently held by institutional investors.
INCY has been the subject of several recent analyst reports. StockNews.com downgraded Incyte from a “strong buy” rating to a “buy” rating in a Saturday, May 14, report. TheStreet downgraded Incyte from a ‘b’ rating to a ‘c’ rating in a Tuesday, May 3 report. Morgan Stanley raised its target price on Incyte from $73.00 to $76.00 and gave the stock an “equal weight” rating in a Wednesday, April 20 report. Finally, Stifel Nicolaus raised his target price on Incyte from $75.00 to $77.00 in a Tuesday, May 3 report. One analyst rated the stock with a sell rating, three gave the stock a hold rating and six gave the stock a buy rating. According to data from MarketBeat.com, Incyte currently has an average rating of “Moderate Buy” and an average target price of $87.09.
Shares of Stock Incyte opened at $80.78 on Friday. The company has a fifty-day moving average of $74.91 and a two-hundred-day moving average of $74.47. The stock has a market capitalization of $17.89 billion, a price/earnings ratio of 19.23, a PEG ratio of 0.95 and a beta of 0.66. Incyte Co. has a 52 week low of $61.91 and a 52 week high of $84.86. The company has a debt ratio of 0.01, a quick ratio of 3.67 and a current ratio of 3.71.
Prompt (NASDAQ:INCY – Get a rating) last reported results on Tuesday, May 3. The biopharmaceutical company reported EPS of $0.40 for the quarter, beating the consensus estimate of $0.34 by $0.06. The company posted revenue of $733.20 million in the quarter, compared to $753.54 million expected by analysts. Incyte had a net margin of 29.95% and a return on equity of 12.77%. The company’s revenue for the quarter increased by 21.3% compared to the same quarter last year. In the same quarter a year earlier, the company posted EPS of $0.50. As a group, research analysts expect Incyte Co. to post EPS of 2.31 for the current fiscal year.
Incyte Profile (Get a rating)
Incyte Corporation, a biopharmaceutical company, is focused on the discovery, development and commercialization of proprietary therapeutic products in the United States and around the world. The company offers JAKAFI, a medicine for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that acts as an oncogenic inducer in various types of liquid and solid tumors; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and Philadelphia chromosome-positive acute lymphoblastic leukemia.
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