Arrowstreet Capital Limited Partnership Boosts Stock Position in Incyte Corporation $INCY

Arrowstreet Capital Limited Partnership lifted its position in shares of Incyte Corporation (NASDAQ:INCY) by 701.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,730,648 shares of the biopharmaceutical company’s stock after acquiring an additional 2,390,084 shares during the quarter. Arrowstreet Capital Limited Partnership owned 1.40% of Incyte worth $185,957,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. MAI Capital Management grew its holdings in shares of Incyte by 19.9% in the 2nd quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after acquiring an additional 125 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Incyte by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock worth $612,000 after buying an additional 147 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Incyte by 10.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock valued at $116,000 after purchasing an additional 156 shares in the last quarter. Advisory Alpha LLC increased its position in shares of Incyte by 2.1% in the first quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company’s stock worth $488,000 after acquiring an additional 166 shares in the last quarter. Finally, Wealthfront Advisers LLC lifted its stake in shares of Incyte by 2.4% during the second quarter. Wealthfront Advisers LLC now owns 7,366 shares of the biopharmaceutical company’s stock worth $502,000 after purchasing an additional 171 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of INCY opened at $101.44 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 3.20. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $109.28. The company’s 50 day moving average price is $94.80 and its 200 day moving average price is $81.84. The company has a market capitalization of $19.92 billion, a PE ratio of 16.99, a PEG ratio of 0.70 and a beta of 0.74.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.61. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The business’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 earnings per share. Research analysts expect that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

INCY has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Bank of America increased their price objective on shares of Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a research note on Thursday, September 4th. Truist Financial restated a “hold” rating and set a $93.00 price objective (up previously from $79.00) on shares of Incyte in a research report on Wednesday, October 29th. Wells Fargo & Company boosted their price objective on Incyte from $89.00 to $97.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Finally, Barclays upped their price target on shares of Incyte from $101.00 to $115.00 and gave the stock an “overweight” rating in a research note on Monday, November 24th. Seven investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $93.85.

Insiders Place Their Bets

In other Incyte news, EVP Lee Heeson sold 3,074 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total transaction of $289,017.48. Following the transaction, the executive vice president directly owned 29,241 shares of the company’s stock, valued at $2,749,238.82. This represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total value of $60,613.28. Following the transaction, the executive vice president owned 26,569 shares in the company, valued at approximately $2,693,033.84. This trade represents a 2.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,227 shares of company stock worth $396,327 in the last 90 days. 17.80% of the stock is owned by 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.