AQR Capital Management LLC Purchases 1,465,286 Shares of Incyte Corporation $INCY

AQR Capital Management LLC lifted its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 21.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,201,455 shares of the biopharmaceutical company’s stock after acquiring an additional 1,465,286 shares during the quarter. Incyte makes up about 0.5% of AQR Capital Management LLC’s portfolio, making the stock its 24th biggest holding. AQR Capital Management LLC owned 4.20% of Incyte worth $558,519,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. California State Teachers Retirement System grew its position in shares of Incyte by 9.2% in the second quarter. California State Teachers Retirement System now owns 250,761 shares of the biopharmaceutical company’s stock valued at $17,077,000 after purchasing an additional 21,159 shares during the last quarter. Raymond James Financial Inc. boosted its stake in Incyte by 8.6% in the 2nd quarter. Raymond James Financial Inc. now owns 75,793 shares of the biopharmaceutical company’s stock valued at $5,162,000 after purchasing an additional 6,031 shares during the period. Worldquant Millennium Advisors LLC acquired a new position in Incyte in the 2nd quarter valued at $8,055,000. Canada Pension Plan Investment Board grew its holdings in Incyte by 44.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 355,826 shares of the biopharmaceutical company’s stock valued at $24,232,000 after buying an additional 109,900 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of Incyte by 108.4% during the second quarter. Quantinno Capital Management LP now owns 61,694 shares of the biopharmaceutical company’s stock worth $4,201,000 after buying an additional 32,086 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In related news, EVP Lee Heeson sold 3,074 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $94.02, for a total value of $289,017.48. Following the transaction, the executive vice president directly owned 29,241 shares in the company, valued at $2,749,238.82. This trade represents a 9.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Steven H. Stein sold 20,105 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the completion of the transaction, the executive vice president owned 63,129 shares in the company, valued at $6,471,353.79. This represents a 24.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 26,891 shares of company stock valued at $2,720,766. 17.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Incyte in a research report on Wednesday, October 8th. Wells Fargo & Company raised their target price on shares of Incyte from $97.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank Of Canada lifted their price target on shares of Incyte from $81.00 to $84.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 29th. Stifel Nicolaus increased their price target on Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Finally, Morgan Stanley raised their price objective on Incyte from $86.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday. Eight equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $99.07.

Incyte Stock Performance

Shares of INCY stock opened at $95.41 on Friday. The firm has a market capitalization of $18.73 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 0.66 and a beta of 0.81. The company has a current ratio of 3.20, a quick ratio of 3.13 and a debt-to-equity ratio of 0.01. The business’s 50-day moving average price is $96.92 and its 200-day moving average price is $83.45. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $109.28.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $0.61. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The company’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. Equities research analysts forecast that Incyte Corporation will post 4.86 EPS for the current year.

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.