Convergence Investment Partners LLC Grows Position in Incyte Corporation $INCY

Convergence Investment Partners LLC raised its holdings in Incyte Corporation (NASDAQ:INCY) by 246.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,468 shares of the biopharmaceutical company’s stock after acquiring an additional 10,297 shares during the quarter. Convergence Investment Partners LLC’s holdings in Incyte were worth $1,227,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in INCY. Arrowstreet Capital Limited Partnership grew its position in Incyte by 701.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,730,648 shares of the biopharmaceutical company’s stock worth $185,957,000 after buying an additional 2,390,084 shares during the period. AQR Capital Management LLC boosted its stake in shares of Incyte by 21.8% during the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock worth $558,519,000 after acquiring an additional 1,465,286 shares in the last quarter. Norges Bank acquired a new stake in shares of Incyte in the 2nd quarter worth approximately $96,776,000. Pacer Advisors Inc. increased its stake in Incyte by 8,091.6% in the 3rd quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company’s stock valued at $105,897,000 after purchasing an additional 1,233,399 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Incyte in the 2nd quarter valued at approximately $82,485,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

INCY has been the topic of a number of research analyst reports. The Goldman Sachs Group reiterated a “neutral” rating and set a $90.00 target price on shares of Incyte in a research report on Thursday, January 8th. Piper Sandler lifted their price target on Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Zacks Research cut shares of Incyte from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Mizuho set a $121.00 target price on shares of Incyte and gave the company an “outperform” rating in a report on Monday, December 8th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Incyte in a report on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $100.75.

Insiders Place Their Bets

In other news, EVP Michael James Morrissey sold 54,008 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the sale, the executive vice president owned 31,830 shares in the company, valued at $3,096,740.70. This trade represents a 62.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of Incyte stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total value of $1,184,063.92. Following the completion of the sale, the executive vice president directly owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. This represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 95,225 shares of company stock worth $9,519,745. 17.80% of the stock is owned by company insiders.

Incyte Stock Performance

Shares of INCY opened at $102.67 on Tuesday. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $112.29. The company’s 50 day simple moving average is $101.82 and its 200 day simple moving average is $92.31. The company has a market capitalization of $20.16 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 0.60 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.