Arrowstreet Capital Limited Partnership Lowers Holdings in Incyte Corporation $INCY

Arrowstreet Capital Limited Partnership lowered its position in Incyte Corporation (NASDAQ:INCY) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,094,460 shares of the biopharmaceutical company’s stock after selling 9,486 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Incyte were worth $305,640,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. NewEdge Advisors LLC lifted its position in shares of Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Incyte by 15.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after buying an additional 648 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after purchasing an additional 48,751 shares during the period. United Services Automobile Association acquired a new position in shares of Incyte during the 1st quarter worth $219,000. Finally, Focus Partners Wealth grew its stake in shares of Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after purchasing an additional 8,951 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the sale, the insider owned 262,692 shares of the company’s stock, valued at $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Incyte Stock Performance

NASDAQ INCY opened at $108.53 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. Incyte Corporation has a one year low of $66.74 and a one year high of $112.29. The company’s 50 day moving average price is $97.78 and its 200 day moving average price is $99.13. The firm has a market capitalization of $21.68 billion, a price-to-earnings ratio of 15.33, a PEG ratio of 1.06 and a beta of 0.79.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the company earned $1.16 earnings per share. Incyte’s revenue for the quarter was up 20.9% on a year-over-year basis. On average, sell-side analysts predict that Incyte Corporation will post 6.64 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on INCY shares. TD Cowen reiterated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Oppenheimer restated a “market perform” rating and issued a $107.00 target price on shares of Incyte in a report on Monday, June 8th. Sanford C. Bernstein started coverage on shares of Incyte in a report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 target price on the stock. Stifel Nicolaus set a $123.00 target price on shares of Incyte in a report on Tuesday, June 9th. Finally, UBS Group dropped their price objective on shares of Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a research note on Wednesday, March 25th. Eight research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus price target of $105.10.

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.