Bridgewater Associates LP Increases Position in Incyte Co. (NASDAQ:INCY)

Bridgewater Associates LP increased its stake in shares of Incyte Co. (NASDAQ:INCY) by 142.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 308,632 shares of the biopharmaceutical company’s stock after purchasing an additional 181,504 shares during the quarter. Bridgewater Associates LP owned approximately 0.16% of Incyte worth $20,401,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. boosted its stake in Incyte by 17,460.4% in the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after acquiring an additional 2,676,851 shares in the last quarter. Mizuho Securities USA LLC increased its position in shares of Incyte by 13,814.7% during the third quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock worth $132,207,000 after purchasing an additional 1,985,726 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Incyte by 70.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after purchasing an additional 1,101,041 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Incyte by 28.0% in the 2nd 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 in the last quarter. Finally, Swedbank AB purchased a new position in Incyte during the 1st quarter worth $37,440,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $75.45 on Thursday. The company has a market capitalization of $14.54 billion, a PE ratio of 538.93, a price-to-earnings-growth ratio of 8.48 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. The company’s fifty day moving average price is $70.41 and its 200 day moving average price is $64.92. Incyte Co. has a 1 year low of $50.35 and a 1 year high of $83.95.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the company earned $0.91 earnings per share. The company’s revenue was up 23.8% compared to the same quarter last year. On average, research analysts predict that Incyte Co. will post 0.4 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Truist Financial reiterated a “hold” rating and issued a $74.00 price target (down from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. JMP Securities restated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Oppenheimer lifted their price objective on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley upped their target price on Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $77.16.

Insider Activity

In related news, EVP Barry P. Flannelly sold 3,680 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This trade represents a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,702 shares of company stock worth $856,166 over the last three months. 17.60% of the stock is currently owned by corporate insiders.

About Incyte

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.