Renaissance Technologies LLC Trims Stake in Incyte Co. (NASDAQ:INCY)

Renaissance Technologies LLC reduced its holdings in shares of Incyte Co. (NASDAQ:INCY) by 8.1% in the second quarter, Holdings Channel reports. The institutional investor owned 5,218,337 shares of the biopharmaceutical company’s stock after selling 458,100 shares during the period. Incyte comprises about 0.5% of Renaissance Technologies LLC’s portfolio, making the stock its 19th biggest holding. Renaissance Technologies LLC’s holdings in Incyte were worth $316,336,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in INCY. Norges Bank purchased a new stake in Incyte during the fourth quarter valued at approximately $123,253,000. KBC Group NV boosted its position in shares of Incyte by 842.2% in the fourth quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock worth $60,011,000 after purchasing an additional 854,311 shares during the period. Acadian Asset Management LLC boosted its position in shares of Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after purchasing an additional 779,243 shares during the period. Swedbank AB bought a new position in shares of Incyte in the first quarter worth approximately $37,440,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Incyte by 122.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after purchasing an additional 490,680 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on INCY. Citigroup upped their price target on shares of Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Oppenheimer decreased their price target on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. JPMorgan Chase & Co. raised their price objective on Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $67.00 target price on shares of Incyte in a research report on Tuesday, September 3rd. Finally, Bank of America increased their price target on Incyte from $62.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $73.29.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the transaction, the executive vice president now directly owns 50,534 shares of the company’s stock, valued at $3,032,040. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the transaction, the executive vice president now directly owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The disclosure for this sale can be found here. Insiders sold a total of 25,025 shares of company stock worth $1,662,682 over the last three months. Corporate insiders own 17.50% of the company’s stock.

Incyte Trading Up 0.3 %

INCY opened at $63.56 on Monday. Incyte Co. has a 12 month low of $50.27 and a 12 month high of $70.36. The stock has a fifty day moving average price of $63.87 and a 200-day moving average price of $59.55. The firm has a market cap of $14.27 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 5.03 and a beta of 0.73. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the company posted $0.77 earnings per share. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Incyte Co. will post 0.67 earnings per share for the current fiscal 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.