Arrowstreet Capital Limited Partnership Trims Stock Holdings in Incyte Corporation $INCY

Key Points

• Arrowstreet Capital reduced its Incyte stake by 8.5% in the first quarter, selling 263,661 shares and leaving it with 2.83 million shares worth about $266.4 million.
• Institutional ownership of Incyte remains very high, with 96.97% of the stock held by hedge funds and other institutional investors; several firms recently added or expanded positions.
• Incyte beat quarterly expectations, posting $1.81 EPS versus the $1.38 estimate and revenue of $1.27 billion, while analysts currently rate the stock a Hold on average with a $111.10 price target.

Arrowstreet Capital Limited Partnership lessened its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 8.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,830,799 shares of the biopharmaceutical company's stock after selling 263,661 shares during the quarter. Arrowstreet Capital Limited Partnership owned 1.42% of Incyte worth $266,435,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of INCY. Norges Bank bought a new stake in shares of Incyte in the 4th quarter worth about $122,893,000. Caisse de depot et placement du Quebec lifted its position in shares of Incyte by 264.5% during the third 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 last quarter. Marshall Wace LLP grew its stake in Incyte by 6,586.4% in the fourth quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company's stock worth $105,930,000 after purchasing an additional 1,056,451 shares in the last quarter. Wellington Management Group LLP grew its stake in Incyte by 3,406.8% in the fourth quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company's stock worth $73,028,000 after purchasing an additional 718,294 shares in the last quarter. Finally, SEB Asset Management AB bought a new stake in Incyte in the first quarter valued at about $60,817,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on INCY. Weiss Ratings restated a "buy (b-)" rating on shares of Incyte in a research note on Monday, June 29th. Stifel Nicolaus set a $123.00 price target on Incyte in a report on Tuesday, June 9th. HC Wainwright reissued a "buy" rating and set a $140.00 price target on shares of Incyte in a research report on Tuesday. Truist Financial upped their price target on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a research report on Monday, June 22nd. Finally, Oppenheimer restated a "market perform" rating and set a $107.00 price objective on shares of Incyte in a research note on Monday, June 8th. Eight investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $111.10.

Incyte Price Performance

NASDAQ INCY opened at $117.67 on Friday. Incyte Corporation has a 52 week low of $69.69 and a 52 week high of $119.60. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The stock has a market cap of $23.51 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 1.05 and a beta of 0.76. The company has a 50-day moving average price of $106.82 and a two-hundred day moving average price of $101.63.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 earnings per share. Analysts forecast that Incyte Corporation will post 6.63 EPS for the current year.

Incyte Profile

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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