Incyte Co. (NASDAQ:INCY) Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP trimmed its stake in shares of Incyte Co. (NASDAQ:INCY) by 16.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 88,752 shares of the biopharmaceutical company’s stock after selling 17,485 shares during the quarter. Invenomic Capital Management LP’s holdings in Incyte were worth $5,867,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MFA Wealth Advisors LLC purchased a new position in Incyte during the second quarter valued at $26,000. Brooklyn Investment Group purchased a new position in Incyte during the third quarter valued at $30,000. Innealta Capital LLC purchased a new position in Incyte during the second quarter valued at $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Incyte during the third quarter valued at $33,000. Finally, Itau Unibanco Holding S.A. purchased a new position in Incyte during the second quarter valued at $36,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Trading Down 1.7 %

Shares of INCY stock opened at $72.00 on Tuesday. The stock has a market cap of $13.87 billion, a price-to-earnings ratio of 523.18, a price-to-earnings-growth ratio of 8.60 and a beta of 0.69. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The firm’s 50 day moving average price is $70.94 and its two-hundred day moving average price is $65.34.

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

Insider Activity

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas Tray sold 572 shares of Incyte stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,702 shares of company stock worth $856,166 over the last 90 days. Company insiders own 17.60% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on INCY. Citigroup raised their price target on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Morgan Stanley raised their price target on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. BMO Capital Markets reaffirmed an “underperform” rating and set a $52.00 target price (up from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. Finally, Truist Financial reaffirmed a “hold” rating and set a $74.00 target price (down from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. One 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 currently has an average rating of “Hold” and an average target price of $77.16.

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.