Incyte Corporation $INCY Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership trimmed its position in Incyte Corporation (NASDAQ:INCY) by 8.5% in the first quarter, HoldingsChannel.com reports. The firm owned 2,830,799 shares of the biopharmaceutical company’s stock after selling 263,661 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Incyte were worth $266,435,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Elyxium Wealth LLC bought a new stake in Incyte in the fourth quarter worth about $28,000. Smithfield Trust Co boosted its position in Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 162 shares during the period. MUFG Securities EMEA plc purchased a new position in Incyte during the second quarter valued at approximately $32,000. CYBER HORNET ETFs LLC acquired a new position in Incyte in the 2nd quarter valued at approximately $33,000. Finally, Leonteq Securities AG acquired a new position in Incyte in the 4th quarter valued at approximately $35,000. 96.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on INCY. TD Cowen reissued a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Stifel Nicolaus set a $123.00 price target on shares of Incyte in a research note on Tuesday, June 9th. BMO Capital Markets increased their price objective on Incyte from $94.00 to $112.00 and gave the stock a “market perform” rating in a report on Monday, July 13th. Sanford C. Bernstein started coverage on Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price objective for the company. Finally, Oppenheimer restated a “market perform” rating and issued a $107.00 target price on shares of Incyte in a research note on Monday, June 8th. Eight analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat, Incyte has a consensus rating of “Hold” and a consensus target price of $111.10.

Incyte Trading Up 0.8%

Incyte stock opened at $117.67 on Friday. Incyte Corporation has a one year low of $69.69 and a one year high of $119.60. The company’s fifty day moving average price is $106.82 and its two-hundred day moving average price is $101.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The company has a market capitalization of $23.51 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 1.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 earnings per share. On average, analysts forecast that Incyte Corporation will post 6.63 earnings per share for the current fiscal year.

Incyte Profile

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.