Incyte Corporation (NASDAQ:INCY) Stake Lessened by Applied Finance Capital Management LLC

Key Points

• Applied Finance Capital Management LLC significantly reduced its stake in Incyte Corporation by 59.9%, selling 278,824 shares and retaining 186,831 shares worth approximately $11.3 million.
• Several institutional investors, including Geode Capital Management LLC and AQR Capital Management LLC, increased their stakes in Incyte during the fourth quarter, with AQR's holdings rising by 29.7%.
• Analysts have mixed views on Incyte, with ratings including upgrades to "buy" and "strong-buy," while the average price target for the stock currently stands at $74.47.

Applied Finance Capital Management LLC lowered its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 59.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 186,831 shares of the biopharmaceutical company's stock after selling 278,824 shares during the period. Applied Finance Capital Management LLC owned about 0.10% of Incyte worth $11,313,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of INCY. Norges Bank acquired a new stake in Incyte during the fourth quarter valued at approximately $121,890,000. AQR Capital Management LLC raised its stake in Incyte by 29.7% during the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock valued at $241,519,000 after buying an additional 801,090 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Incyte by 861.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock worth $61,587,000 after purchasing an additional 798,877 shares during the period. Victory Capital Management Inc. raised its position in shares of Incyte by 581.3% during the 1st quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company's stock worth $49,236,000 after purchasing an additional 693,782 shares during the period. Finally, Pictet Asset Management Holding SA raised its position in shares of Incyte by 73.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock worth $90,749,000 after purchasing an additional 556,218 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on INCY shares. UBS Group increased their price target on Incyte from $62.00 to $68.00 and gave the stock a "neutral" rating in a research report on Wednesday. Royal Bank Of Canada increased their price target on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday. JPMorgan Chase & Co. decreased their price objective on Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a report on Monday, July 14th. Citigroup increased their price objective on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, BMO Capital Markets increased their price objective on Incyte from $52.00 to $60.00 and gave the stock an "underperform" rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Incyte has an average rating of "Hold" and a consensus target price of $77.73.

Insider Buying and Selling

In other news, EVP Barry P. Flannelly sold 1,192 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the sale, the executive vice president directly owned 37,630 shares of the company's stock, valued at $2,628,831.80. This trade represents a 3.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the completion of the sale, the executive vice president owned 35,929 shares of the company's stock, valued at $2,509,999.94. The trade was a 3.17% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is owned by insiders.

Incyte Price Performance

Shares of INCY traded up $0.53 during trading hours on Wednesday, hitting $77.91. 948,036 shares of the company were exchanged, compared to its average volume of 1,871,524. The company has a market capitalization of $15.08 billion, a PE ratio of 243.54, a PEG ratio of 0.59 and a beta of 0.68. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.04 and a quick ratio of 2.00. The firm has a fifty day simple moving average of $68.26 and a 200-day simple moving average of $66.59. Incyte Corporation has a one year low of $53.56 and a one year high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.15. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $996.17 million. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The company's revenue was up 19.5% compared to the same quarter last year. During the same period last year, the company posted $0.64 EPS. As a group, sell-side analysts predict that Incyte Corporation will post 4.86 earnings per share for the current year.

Incyte 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.