Renaissance Technologies LLC Cuts Stock Position in Incyte Corporation $INCY

Key Points

• Renaissance Technologies trimmed its Incyte stake by 8.2% in the first quarter, selling 326,800 shares and ending with 3.65 million shares worth about $343.7 million.
• Incyte reported strong quarterly results, with EPS of $1.81 beating estimates and revenue of $1.27 billion topping forecasts; revenue also rose 20.9% year over year.
• Wall Street sentiment remains cautious overall, with a consensus Hold rating and an average price target of $111.10, though the stock recently traded near its 52-week high.

Renaissance Technologies LLC cut its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 8.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,651,532 shares of the biopharmaceutical company's stock after selling 326,800 shares during the quarter. Incyte makes up 0.5% of Renaissance Technologies LLC's investment portfolio, making the stock its 16th largest holding. Renaissance Technologies LLC owned 1.83% of Incyte worth $343,682,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Elyxium Wealth LLC bought a new position in Incyte during the fourth quarter valued at about $28,000. Smithfield Trust Co increased its holdings in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 162 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in Incyte in the fourth quarter worth about $35,000. Atlas Capital Advisors Inc. bought a new stake in Incyte in the fourth quarter worth about $35,000. Finally, Leonteq Securities AG purchased a new position in Incyte in the fourth quarter valued at about $35,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $117.67 on Friday. The firm has a market capitalization of $23.51 billion, a PE ratio of 16.62, a P/E/G ratio of 1.05 and a beta of 0.76. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $106.82 and a two-hundred day moving average price of $101.63. Incyte Corporation has a twelve month low of $69.69 and a twelve month high of $119.60.

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

Wall Street Analysts Forecast Growth

INCY has been the subject of several research analyst reports. Stifel Nicolaus set a $123.00 price target on shares of Incyte in a research note on Tuesday, June 9th. Truist Financial upped their price objective on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a research note on Monday, June 22nd. Weiss Ratings reissued a "buy (b-)" rating on shares of Incyte in a report on Monday, June 29th. BMO Capital Markets raised their target price on Incyte from $94.00 to $112.00 and gave the stock a "market perform" rating in a research report on Monday, July 13th. Finally, TD Cowen restated a "hold" rating on shares of Incyte in a research note on Tuesday, June 9th. Eight investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $111.10.

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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