Arrowstreet Capital Limited Partnership Has $185.96 Million Stock Holdings in Incyte Corporation $INCY

Arrowstreet Capital Limited Partnership lifted its position in Incyte Corporation (NASDAQ:INCY) by 701.8% in the second quarter, Holdings Channel.com reports. The institutional investor owned 2,730,648 shares of the biopharmaceutical company’s stock after purchasing an additional 2,390,084 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Incyte were worth $185,957,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. FNY Investment Advisers LLC acquired a new position in Incyte in the 2nd quarter valued at $27,000. Banque Transatlantique SA bought a new stake in Incyte during the first quarter valued at about $26,000. Hilltop National Bank acquired a new stake in shares of Incyte in the second quarter valued at about $37,000. SVB Wealth LLC bought a new position in shares of Incyte in the first quarter worth about $39,000. Finally, MAI Capital Management lifted its position in shares of Incyte by 19.9% during the 2nd quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after purchasing an additional 125 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Stock Down 0.6%

Shares of NASDAQ INCY opened at $101.44 on Wednesday. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $109.28. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 3.20. The business has a fifty day moving average of $94.80 and a two-hundred day moving average of $81.84. The stock has a market cap 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 results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.61. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same period last year, the firm posted $1.07 EPS. The business’s revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts expect that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on INCY. Zacks Research lowered Incyte from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Barclays increased their price objective on Incyte from $101.00 to $115.00 and gave the company an “overweight” rating in a research report on Monday, November 24th. JPMorgan Chase & Co. boosted their target price on shares of Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. Guggenheim raised shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a report on Monday, November 3rd. Finally, Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Seven 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $93.85.

Insider Activity

In other news, EVP Lee Heeson sold 3,074 shares of Incyte stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 29,241 shares in the company, valued at $2,749,238.82. The trade was a 9.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total transaction of $60,613.28. Following the sale, the executive vice president owned 26,569 shares of the company’s stock, valued at $2,693,033.84. The trade was a 2.20% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 4,227 shares of company stock worth $396,327. 17.80% of the stock is owned by company insiders.

Incyte Company 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.