Driehaus Capital Management LLC Reduces Position in Incyte Co. (NASDAQ:INCY)

Driehaus Capital Management LLC cut its holdings in shares of Incyte Co. (NASDAQ:INCY) by 33.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,354 shares of the biopharmaceutical company’s stock after selling 57,491 shares during the period. Driehaus Capital Management LLC owned approximately 0.05% of Incyte worth $6,811,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. MFA Wealth Advisors LLC purchased a new stake in shares of Incyte during the second quarter valued at $26,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Incyte during the first quarter valued at $28,000. Riverview Trust Co purchased a new stake in shares of Incyte during the first quarter valued at $29,000. Innealta Capital LLC purchased a new stake in shares of Incyte during the second quarter valued at $32,000. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Incyte during the first quarter valued at $32,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Deutsche Bank Aktiengesellschaft raised their target price on Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. William Blair reissued an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. Finally, BMO Capital Markets reaffirmed an “underperform” rating and issued a $48.00 price objective (down previously from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $73.24.

Incyte Stock Performance

NASDAQ:INCY opened at $65.83 on Monday. The company has a market cap of $14.78 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 5.17 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The stock’s 50 day simple moving average is $64.31 and its two-hundred day simple moving average is $59.97. Incyte Co. has a 1 year low of $50.27 and a 1 year high of $70.36.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the firm earned $0.77 EPS. Incyte’s revenue was up 9.3% compared to the same quarter last year. As a group, equities analysts anticipate that Incyte Co. will post 0.66 earnings per share for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the sale, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock worth $2,225,626 in the last quarter. 17.50% of the stock is owned by company insiders.

Incyte 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.