Cinctive Capital Management LP Buys Shares of 80,450 Incyte Co. (NASDAQ:INCY)

Cinctive Capital Management LP acquired a new position in Incyte Co. (NASDAQ:INCY - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 80,450 shares of the biopharmaceutical company's stock, valued at approximately $5,557,000.

Several other large investors have also added to or reduced their stakes in the business. Point72 Asset Management L.P. bought a new position in Incyte in the third quarter valued at approximately $156,611,000. Norges Bank acquired a new position in Incyte during the fourth quarter worth $121,890,000. Sound Shore Management Inc. CT raised its position 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 lifted its stake in Incyte by 73.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock valued at $90,749,000 after acquiring an additional 556,218 shares during the last quarter. Finally, Long Corridor Asset Management Ltd bought a new position in shares of Incyte in the 4th quarter valued at about $22,793,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on INCY shares. Guggenheim downgraded shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 target price for the company. in a research note on Tuesday, March 18th. Cantor Fitzgerald reissued a "neutral" rating on shares of Incyte in a research report on Friday, January 10th. Stifel Nicolaus lifted their target price on shares of Incyte from $75.00 to $77.00 and gave the stock a "hold" rating in a report on Monday, February 10th. Morgan Stanley lowered their price target on shares of Incyte from $69.00 to $65.00 and set an "equal weight" rating on the stock in a report on Monday, March 24th. Finally, Royal Bank of Canada reduced their price objective on Incyte from $70.00 to $68.00 and set a "sector perform" rating for the company in a report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Incyte currently has a consensus rating of "Hold" and a consensus target price of $74.88.

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Incyte Price Performance

Incyte stock traded down $1.80 during trading hours on Tuesday, reaching $58.49. 897,939 shares of the stock were exchanged, compared to its average volume of 2,345,942. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95. The company has a market cap of $11.32 billion, a P/E ratio of 217.04, a price-to-earnings-growth ratio of 0.41 and a beta of 0.89. The stock has a 50 day moving average of $68.17 and a two-hundred day moving average of $69.96.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. Equities analysts expect that Incyte Co. will post 4.86 EPS for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 33,567 shares of the company's stock, valued at approximately $2,272,150.23. The trade was a 37.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction dated Tuesday, March 4th. The stock was 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 $1,809,101.52. This trade represents a 2.26 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,827 shares of company stock valued at $3,322,618. Corporate insiders own 17.60% of the company's stock.

Incyte Company 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.