Invenomic Capital Management LP Lowers Stock Position in Incyte Co. (NASDAQ:INCY)

Invenomic Capital Management LP reduced its stake in Incyte Co. (NASDAQ:INCY) by 13.5% during the fourth quarter, HoldingsChannel reports. The firm owned 76,771 shares of the biopharmaceutical company’s stock after selling 11,981 shares during the period. Invenomic Capital Management LP’s holdings in Incyte were worth $5,303,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Jacobs Levy Equity Management Inc. raised its stake in Incyte by 861.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company’s stock valued at $61,587,000 after purchasing an additional 798,877 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Incyte by 15.6% during the fourth quarter. Janus Henderson Group PLC now owns 197,890 shares of the biopharmaceutical company’s stock worth $13,669,000 after acquiring an additional 26,761 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of Incyte during the fourth quarter worth approximately $2,955,000. Gotham Asset Management LLC raised its stake in shares of Incyte by 18.2% during the fourth quarter. Gotham Asset Management LLC now owns 77,313 shares of the biopharmaceutical company’s stock worth $5,340,000 after acquiring an additional 11,921 shares in the last quarter. Finally, Graham Capital Management L.P. purchased a new position in shares of Incyte during the fourth quarter worth approximately $254,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Sheila A. Denton sold 14,069 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total value of $1,042,090.83. Following the completion of the sale, the executive vice president now directly owns 25,848 shares in the company, valued at $1,914,561.36. This trade represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the sale, the executive vice president now owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. This represents a 37.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,475 shares of company stock worth $2,424,751. 17.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Morgan Stanley cut their target price on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, March 24th. JPMorgan Chase & Co. cut their price target on shares of Incyte from $70.00 to $68.00 and set a “neutral” rating on the stock in a report on Monday, April 21st. Guggenheim downgraded shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price objective on the stock. in a research report on Tuesday, March 18th. Royal Bank of Canada boosted their price objective on shares of Incyte from $64.00 to $67.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 30th. Finally, StockNews.com upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $73.53.

Incyte Price Performance

NASDAQ INCY opened at $58.98 on Monday. The company has a 50-day moving average price of $61.31 and a 200-day moving average price of $68.69. The firm has a market capitalization of $11.42 billion, a P/E ratio of 218.45, a PEG ratio of 0.41 and a beta of 0.68. Incyte Co. has a 52 week low of $53.56 and a 52 week high of $83.95. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.15. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $996.17 million. During the same period in the prior year, the firm posted $0.64 EPS. The firm’s quarterly revenue was up 19.5% compared to the same quarter last year. Equities research analysts anticipate that Incyte Co. will post 4.86 earnings per share for the current year.

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.