Point72 Hong Kong Ltd Boosts Stake in Incyte Co. (NASDAQ:INCY)

Point72 Hong Kong Ltd boosted its holdings in Incyte Co. (NASDAQ:INCY - Free Report) by 2,274.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 69,965 shares of the biopharmaceutical company's stock after buying an additional 67,019 shares during the quarter. Point72 Hong Kong Ltd's holdings in Incyte were worth $4,832,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INCY. Retirement Systems of Alabama raised its stake in shares of Incyte by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company's stock worth $2,391,000 after buying an additional 139 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its stake in shares of Incyte by 0.7% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock worth $1,410,000 after buying an additional 150 shares during the last quarter. Trust Point Inc. raised its position in shares of Incyte by 5.0% during the 4th quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company's stock worth $227,000 after purchasing an additional 156 shares during the last quarter. Bank of Nova Scotia raised its position in shares of Incyte by 0.8% during the 4th quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock worth $1,498,000 after purchasing an additional 171 shares during the last quarter. Finally, Mather Group LLC. raised its position in shares of Incyte by 26.4% during the 4th quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company's stock worth $57,000 after purchasing an additional 173 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Up 2.8%

Incyte stock traded up $1.79 during midday trading on Tuesday, hitting $65.60. 739,429 shares of the company were exchanged, compared to its average volume of 2,314,195. The company's fifty day moving average price is $60.41 and its 200-day moving average price is $68.30. The company has a market cap of $12.70 billion, a PE ratio of 242.62, a price-to-earnings-growth ratio of 0.41 and a beta of 0.68. 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 Co. has a fifty-two week low of $53.56 and a fifty-two week high of $83.95.

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

Analysts Set New Price Targets

Several brokerages recently issued reports on INCY. Wells Fargo & Company lifted their price objective on Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Guggenheim downgraded Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price objective for the company. in a research report on Tuesday, March 18th. Truist Financial cut their price objective on Incyte from $74.00 to $72.00 and set a "hold" rating for the company in a research report on Tuesday, March 18th. Stifel Nicolaus lifted their price target on Incyte from $75.00 to $77.00 and gave the company a "hold" rating in a report on Monday, February 10th. Finally, JMP Securities restated a "market perform" rating on shares of Incyte in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $73.53.

Insider Buying and Selling at Incyte

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

Incyte Profile

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.