Incyte Corporation $INCY Shares Sold by Grantham Mayo Van Otterloo & Co. LLC

Key Points

• Grantham Mayo Van Otterloo cut its stake in Incyte by 18.6%, selling 56,795 shares and leaving it with 248,843 shares (~$21.1M); institutional investors now own about 96.97% of the company, with large increases from Arrowstreet, AQR and Pacer Advisors.
• Incyte missed EPS expectations with $1.80 vs. $1.96 consensus but beat revenue at $1.51B; the stock trades near $95.94, with a market cap of $19.09B and a P/E of 14.97.
• Insiders sold roughly 72,561 shares (~$7.2M) in the last quarter, and analyst sentiment is mixed — average rating "Hold" with a consensus target of $104 (10 Buy, 10 Hold, 1 Sell).

Grantham Mayo Van Otterloo & Co. LLC reduced its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 18.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 248,843 shares of the biopharmaceutical company's stock after selling 56,795 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC owned 0.13% of Incyte worth $21,104,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of INCY. Arrowstreet Capital Limited Partnership raised its holdings in Incyte by 701.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,730,648 shares of the biopharmaceutical company's stock worth $185,957,000 after purchasing an additional 2,390,084 shares during the period. AQR Capital Management LLC boosted its position in Incyte by 21.8% during the second quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company's stock worth $558,519,000 after purchasing an additional 1,465,286 shares in the last quarter. Norges Bank acquired a new stake in Incyte in the second quarter valued at approximately $96,776,000. Pacer Advisors Inc. increased its position in shares of Incyte by 8,091.6% in the third quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company's stock valued at $105,897,000 after buying an additional 1,233,399 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Incyte in the second quarter valued at approximately $82,485,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Trading Down 1.4%

NASDAQ INCY opened at $95.94 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. The stock has a market capitalization of $19.09 billion, a P/E ratio of 14.97, a PEG ratio of 0.76 and a beta of 0.84. The firm's 50-day moving average is $102.28 and its two-hundred day moving average is $96.32. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. Incyte's revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.43 earnings per share. On average, sell-side analysts anticipate that Incyte Corporation will post 4.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Mizuho set a $121.00 target price on Incyte and gave the company an "outperform" rating in a research report on Monday, December 8th. Morgan Stanley set a $102.00 price target on shares of Incyte in a report on Wednesday, February 11th. HC Wainwright restated a "buy" rating and set a $135.00 price objective on shares of Incyte in a research report on Wednesday, February 11th. Royal Bank Of Canada decreased their price objective on shares of Incyte from $95.00 to $92.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 11th. Finally, TD Cowen reiterated a "buy" rating on shares of Incyte in a research report on Tuesday, January 13th. Ten research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Incyte presently has an average rating of "Hold" and a consensus target price of $104.00.

Insider Buying and Selling

In related news, EVP Mohamed Khairie Issa sold 10,856 shares of Incyte stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total value of $1,184,063.92. Following the completion of the sale, the executive vice president owned 66,132 shares in the company, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Tray sold 2,774 shares of the business's stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $100.00, for a total value of $277,400.00. Following the completion of the sale, the insider directly owned 22,973 shares in the company, valued at approximately $2,297,300. The trade was a 10.77% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 72,561 shares of company stock valued at $7,195,307. Company insiders own 17.80% of the company's stock.

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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