AQR Capital Management LLC Grows Stock Holdings in Incyte Co. (NASDAQ:INCY)

AQR Capital Management LLC raised its position in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 29.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,502,813 shares of the biopharmaceutical company's stock after purchasing an additional 801,090 shares during the period. AQR Capital Management LLC owned approximately 1.82% of Incyte worth $241,519,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of INCY. Norges Bank purchased a new position in shares of Incyte in the fourth quarter worth $121,890,000. Sound Shore Management Inc. CT boosted its stake in Incyte by 98.4% during the fourth quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company's stock worth $82,959,000 after acquiring an additional 595,741 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Incyte by 73.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock worth $90,749,000 after buying an additional 556,218 shares during the last quarter. LSV Asset Management increased its holdings in shares of Incyte by 18.6% during the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company's stock valued at $239,500,000 after acquiring an additional 544,080 shares in the last quarter. Finally, Bridgewater Associates LP raised its holdings in Incyte by 117.7% in the fourth quarter. Bridgewater Associates LP now owns 671,777 shares of the biopharmaceutical company's stock worth $46,400,000 after buying an additional 363,145 shares during the last quarter. Institutional investors own 96.97% of the company's stock.

Insider Activity

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction 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 owns 25,848 shares of the company's stock, valued at $1,809,101.52. This represents a 2.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the sale, the executive vice president now owns 33,567 shares of the company's stock, valued at approximately $2,272,150.23. This trade represents a 37.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,475 shares of company stock valued at $2,424,751 in the last ninety days. Insiders own 17.60% of the company's stock.

Wall Street Analysts Forecast Growth

INCY has been the topic of several recent analyst reports. JMP Securities reaffirmed a "market perform" rating on shares of Incyte in a research report on Tuesday, February 11th. Royal Bank of Canada upped their price objective on Incyte from $64.00 to $67.00 and gave the stock a "sector perform" rating in a research note on Wednesday. Morgan Stanley lowered their target price on Incyte from $69.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Monday, March 24th. Citigroup reduced their price target on Incyte from $97.00 to $88.00 and set a "buy" rating for the company in a research report on Tuesday, February 11th. Finally, Wells Fargo & Company lifted their price objective on Incyte from $58.00 to $59.00 and gave the company an "equal weight" rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Incyte currently has an average rating of "Hold" and a consensus price target of $73.53.

Incyte Price Performance

Shares of NASDAQ INCY traded up $0.50 during midday trading on Friday, reaching $62.53. 1,525,246 shares of the stock traded hands, compared to its average volume of 2,356,747. The company's 50 day moving average is $62.77 and its 200 day moving average is $68.88. Incyte Co. has a one year low of $52.73 and a one year high of $83.95. The stock has a market capitalization of $12.10 billion, a PE ratio of 231.60, a P/E/G ratio of 0.41 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. Incyte had a net margin of 0.77% and a return on equity of 0.05%. The business had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $996.17 million. During the same period last year, the company posted $0.64 EPS. The business's revenue was up 19.5% on a year-over-year basis. On average, equities research analysts anticipate 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.