Perpetual Ltd Trims Stock Holdings in Incyte Corporation $INCY

Perpetual Ltd lowered its stake in Incyte Corporation (NASDAQ:INCY) by 65.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,659 shares of the biopharmaceutical company’s stock after selling 8,699 shares during the quarter. Perpetual Ltd’s holdings in Incyte were worth $460,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. AQR Capital Management LLC lifted its holdings in shares of Incyte by 21.8% in 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 during the last quarter. LSV Asset Management increased its holdings in Incyte by 3.2% in the 3rd quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company’s stock valued at $338,061,000 after purchasing an additional 124,266 shares during the last quarter. Invesco Ltd. raised its position in Incyte by 7.3% in the second quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company’s stock valued at $231,609,000 after purchasing an additional 232,268 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Incyte by 13.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after purchasing an additional 373,298 shares during the period. Finally, Man Group plc lifted its stake in Incyte by 20.0% during the third quarter. Man Group plc now owns 1,933,547 shares of the biopharmaceutical company’s stock worth $163,984,000 after purchasing an additional 322,877 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Performance

NASDAQ:INCY opened at $95.93 on Monday. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $112.29. The company has a fifty day simple moving average of $97.99 and a two-hundred day simple moving average of $97.44. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The company has a market cap of $19.09 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 0.76 and a beta of 0.85.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16). The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm’s revenue was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.43 earnings per share. As a group, equities analysts anticipate that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Insider Activity

In other Incyte news, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the sale, the executive vice president owned 66,132 shares of the company’s stock, valued at $7,213,017.24. This trade represents a 14.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total value of $1,759,178.08. Following the completion of the transaction, the insider owned 234,800 shares of the company’s stock, valued at $22,127,552. The trade was a 7.36% decrease in their position. The SEC filing for this sale provides additional information. 17.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on INCY shares. UBS Group lowered their price target on Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a research report on Wednesday, March 25th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $90.00 price objective on shares of Incyte in a report on Thursday, January 8th. TD Cowen reissued a “buy” rating on shares of Incyte in a research note on Tuesday, January 13th. Piper Sandler lifted their target price on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Finally, Barclays reaffirmed an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Ten investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $104.89.

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.