Incyte Co. (NASDAQ:INCY) Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP lowered its stake in Incyte Co. (NASDAQ:INCY - Free Report) by 13.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,771 shares of the biopharmaceutical company's stock after selling 11,981 shares during the period. Invenomic Capital Management LP's holdings in Incyte were worth $5,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quintet Private Bank Europe S.A. purchased a new stake in shares of Incyte during the fourth quarter worth approximately $26,000. Global X Japan Co. Ltd. increased its stake in shares of Incyte by 144.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company's stock worth $27,000 after buying an additional 230 shares during the period. R Squared Ltd purchased a new stake in shares of Incyte during the fourth quarter worth approximately $30,000. Blue Trust Inc. increased its stake in shares of Incyte by 124.6% during the fourth quarter. Blue Trust Inc. now owns 593 shares of the biopharmaceutical company's stock worth $39,000 after buying an additional 329 shares during the period. Finally, Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Incyte during the fourth quarter worth approximately $42,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Activity at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the transaction, the executive vice president now owns 33,567 shares in the company, valued at approximately $2,272,150.23. The trade was a 37.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total value of $41,924.01. Following the transaction, the executive vice president now directly owns 25,848 shares of the company's stock, valued at approximately $1,809,101.52. This trade represents a 2.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,475 shares of company stock worth $2,424,751 in the last three months. Insiders own 17.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on INCY shares. Citigroup cut their target price on shares of Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a research note on Tuesday, February 11th. William Blair lowered shares of Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. Wells Fargo & Company raised their price objective on shares of Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 30th. StockNews.com upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Truist Financial lowered their target price on shares of Incyte from $74.00 to $72.00 and set a "hold" rating for the company in a report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $73.53.

Incyte Stock Performance

Shares of INCY traded up $1.60 during mid-day trading on Thursday, reaching $62.76. 1,642,971 shares of the company's stock were exchanged, compared to its average volume of 2,333,034. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The stock has a market capitalization of $12.15 billion, a PE ratio of 232.45, a price-to-earnings-growth ratio of 0.41 and a beta of 0.68. The business's fifty day simple moving average is $60.75 and its 200-day simple moving average is $68.56. Incyte Co. has a 52-week low of $53.56 and a 52-week high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The company's revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period last year, the firm posted $0.64 earnings per share. On average, equities research analysts expect that Incyte Co. will post 4.86 earnings per share for the current year.

About Incyte

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.