Arrowstreet Capital Limited Partnership Acquires New Stake in Incyte Co. (NASDAQ:INCY)

Arrowstreet Capital Limited Partnership bought a new position in Incyte Co. (NASDAQ:INCY) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 268,762 shares of the biopharmaceutical company’s stock, valued at approximately $18,563,000. Arrowstreet Capital Limited Partnership owned 0.14% of Incyte 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. Quintet Private Bank Europe S.A. bought a new position in Incyte during the fourth quarter valued at about $26,000. Global X Japan Co. Ltd. lifted its holdings in Incyte by 144.7% in the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 230 shares during the last quarter. R Squared Ltd bought a new position in shares of Incyte during the 4th quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte in the 3rd quarter worth approximately $33,000. Finally, Groupama Asset Managment raised its holdings in shares of Incyte by 11.4% in the 3rd quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 6,105 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on INCY shares. William Blair lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 18th. Guggenheim lowered Incyte from a “buy” rating to a “neutral” rating and set a $92.00 target price on the stock. in a research report on Tuesday, March 18th. Stifel Nicolaus lifted their price target on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research note on Monday, February 10th. UBS Group started coverage on shares of Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective for the company. Finally, Wells Fargo & Company lifted their target price on shares of Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $74.88.

Incyte Trading Down 3.0 %

Shares of INCY opened at $60.58 on Friday. The stock’s 50-day moving average price is $68.41 and its 200 day moving average price is $69.95. 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 Co. has a 12-month low of $50.35 and a 12-month high of $83.95. The firm has a market capitalization of $11.72 billion, a price-to-earnings ratio of 224.38, a P/E/G ratio of 0.41 and a beta of 0.89.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. As a group, research analysts predict that Incyte Co. will post 4.86 earnings per share for the current year.

Insider Activity

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the sale, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total value of $41,924.01. Following the completion of the transaction, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. The trade was a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,827 shares of company stock worth $3,322,618. Corporate insiders own 17.60% of the company’s stock.

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.