Arrowstreet Capital Limited Partnership Reduces Stock Position in Incyte Corporation $INCY

Key Points

• Arrowstreet Capital trimmed its Incyte stake by 0.3% in the fourth quarter, selling 9,486 shares and ending with 3.09 million shares valued at about $305.6 million.
• Incyte’s latest quarterly results beat expectations, with EPS of $1.81 versus $1.38 expected and revenue of $1.27 billion, up 20.9% year over year.
• Wall Street remains cautious overall: analysts rate the stock a Hold on average, with a consensus target price of $105.10, though some recent ratings were upgraded or reaffirmed.

Arrowstreet Capital Limited Partnership lessened its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 0.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,094,460 shares of the biopharmaceutical company's stock after selling 9,486 shares during the quarter. Arrowstreet Capital Limited Partnership owned 1.55% of Incyte worth $305,640,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Incyte during the fourth quarter worth approximately $122,893,000. Caisse de depot et placement du Quebec lifted its position in shares of Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company's stock worth $127,046,000 after purchasing an additional 1,087,091 shares during the period. Marshall Wace LLP raised its stake in shares of Incyte by 6,586.4% during the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company's stock worth $105,930,000 after acquiring an additional 1,056,451 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Incyte by 5,218.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock worth $58,950,000 after acquiring an additional 585,618 shares in the last quarter. Finally, Man Group plc raised its stake in shares of Incyte by 52.8% during the 2nd quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company's stock worth $109,687,000 after acquiring an additional 556,243 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Incyte Price Performance

Incyte stock opened at $108.53 on Monday. Incyte Corporation has a 12-month low of $66.74 and a 12-month high of $112.29. The stock has a market cap of $21.68 billion, a P/E ratio of 15.33, a PEG ratio of 1.06 and a beta of 0.79. The company has a 50-day moving average price of $97.78 and a 200 day moving average price of $99.13. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.22 billion. During the same period last year, the business earned $1.16 earnings per share. Incyte's revenue was up 20.9% compared to the same quarter last year. Sell-side analysts anticipate that Incyte Corporation will post 6.64 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the sale, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, April 1st. UBS Group dropped their price objective on shares of Incyte from $104.00 to $94.00 and set a "neutral" rating on the stock in a report on Wednesday, March 25th. Citigroup reissued a "market perform" rating on shares of Incyte in a report on Tuesday, June 2nd. Oppenheimer reaffirmed a "market perform" rating and set a $107.00 price objective on shares of Incyte in a report on Monday, June 8th. Finally, Jefferies Financial Group downgraded shares of Incyte from a "buy" rating to a "hold" rating and decreased their price objective for the company from $120.00 to $94.00 in a report on Monday, March 16th. Eight analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $105.10.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company's research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company's flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.

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